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Check Scanning Offers Increased Protection Against Fraudulent Activities

April 23, 2012 | Comments: 0 | Views: 136

While electronic payments are preferred among many consumers, paper checks are still a prevalent method of payment that is still a popular form of payment in the business world. Unfortunately, fraud follows almost any paper trail, and not everyone can eliminate the use of these transactions. Countless consumers still rely on paper transactions as the main method of payment today. Fraudulent behavior has caused various financial institutions to seek ways to decrease this risk for consumers and to protect their own financial interests. Check scanning allows for improved security as the paper document is truncated and the secure image becomes the vehicle of the payment process. Banks can use the equipment as part of remote deposit capture, a teller capture process, or in a batch back-counter process.

Secure file transmittal eliminates several procedures requiring physical transportation of the paper to provide additional protection. Items cannot be intercepted outside of the banking facility and are not as easily lost. Physical checks are not transmitted with the customers banking statement and paper storage is minimal. Documents are destroyed after so many days to prevent massive housing of settled checks. Verification of information occurs early in the settlement process. Settlement times are reduced to one-to-two business days when bank check scanners are deployed. These procedural changes drastically reduce the chance of deception involving paper and increase the convenience a bank can offer their customers.

How Does a Bank Check Scanner Reduce Handling Risks?

Bank check scanners decrease the chances of the wrong person obtaining sensitive information by hand and address multiple issues associated with physical alteration. These devices can be combined with specific practices regarding watermarking, ultra-violet detection, the use of 2D or 3D barcodes, and additional methods to reduce the chance of a fraudulent transaction. In the digital era, watermarking is accomplished by embedding an ultraviolet watermark into the document that will detect any alteration to the document at time of capture. Special UV cameras capture the front of the check to detect the UV ink embedded in the check. The device and document must have the elements necessary for this type of detection.

Check scanningis only one of the many methods a financial institution can implement to deter fraud. Quality equipment is a necessity when a bank is turning to digital imaging practices. It is natural to seek the most inexpensive option; however, in an industry such as this, price is not always the biggest determining factor. Performance, copy quality, feeding capabilities, and compatibility all become considerations when making the switch from traditional practices to image capture. The bank check scanner must be capable of meeting exact processing needs and provide high quality results for improved verification. Total cost of ownership will vary based on these factors: unit price, maintenance requirements, average workload, user friendliness, and received output. A thorough evaluation can be performed prior to buying to ensure the deployed equipment can provide the security enhancement necessary for averting fraudulent transactions within a branch or teller setting.

Check scanning is the process of creating a digitally secure image for transaction settlement. A bank check scanner contains features for preventing fraud and eliminates handling risks.

Source: EzineArticles
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