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Fraud protection while cashing cheques

Teletrack UK : 23 October, 2009  (New Product)
RevealCheck from Teletrack provides a mechanism for cheque cashers to access information on identity risk and cheque cashing history in order to reduce fraudulent transactions
Teletrack has introduced RevealCheck, a tool for cheque cashers that provides quick, easy and affordable access to cheque cashing history and identity risk information.

The cheque cashing industry has been experiencing increased fraudulent and bad cheque activity due to economic conditions and limited access to cost-effective, relevant data sources and tools. After a lot of research, Teletrack has developed a solution to help cheque cashers make better decisions to cash cheques without eroding profits.

'The requirements of cheque cashing companies are changing rapidly because of evolving banking relationships and current economic conditions,' said Dale Williams, president of Teletrack. 'RevealCheck provides a single point of access to cheque cashing history, bank validation and phone look-up to verify presenter and maker status. This important information helps businesses cash all types of cheques, not just payroll or government issued cheques.'

For less than a dollar per transaction, RevealCheck provides automated bank validation, maker and presenter phone look-up, as well as industry-specific cheque cashing history for both the maker and the presenter. The service offers Social Security number validation and other fraud identification tools to assist cheque cashers with presenter identity verification.

An Office of Foreign Assets Control (OFAC) Activity Report is also included, making it easy to comply with OFAC regulations. Plus, Teletrack makes use of its vast source of demographic records to provide even more in-depth information to assess risk.

Using RevealCheck is simple and requires minimal training time. After the check casher scans a check and keys in the maker, presenter and cheque information provided at the point-of-sale (POS), an easy-to-read RevealCheck report appears on screen within seconds. The report highlights key information at a glance, calling attention to items that may require further review before a cheque is cashed.

Cheque cashers can easily determine the level of risk associated with the bank account represented on the cheque; identify possible issues as to the maker's previous cheque cashing activity; verify that the phone numbers given are accurate and detect differences between the presenter information submitted and the information already in the RevealCheck database for identify verification.

'Cheque cashing employees no longer need to make confirming phone calls or check several sources for identity verification, bank validation or phone confirmation,' said Williams. 'This helps improve service quality and time, leading to satisfied, repeat customers while helping to reduce losses, increase revenue and evaluate risk.'

The information provided in the RevealCheck report also helps cheque cashers deploy more systematic and data driven fraud prevention and risk evaluation strategies to complement the skills of their employees, thereby greatly reducing cheque fraud due to errors when following longer manual processes and procedures.

Teletrack is currently working with early adopters to develop the RevealCheck database and test the product. They are also helping early adopters integrate RevealCheck into their current POS system through an Extensible Markup Language (XML) interface, revise company policies/procedures and train employees.

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