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Thumbprint Signature Program-Check Fraud Deterrent
According to Ernst & Young, more than 500 million checks are forged annually, with losses totaling more than $10 Billion. Crooks are using every trick in the book, from counterfeiting to forging to stealing checks out of mailboxes or even trash.
The Thumbprint Signature Program works as a natural deterrent. When non-account holders ask to cash a check, in addition to requesting the standard forms of identification, participating banks can also ask them to place an impression of their thumbprint on the face of the check. A small "inkless" touch pad facilitates the process. The pads do not leave residue or stains on hands or clothing, and any remaining ink disappears by rubbing fingers together. The Thumbprint Signature can be used by law enforcement agencies in the investigation of fraud claims made by account holders. Participants will not retain the Thumbprint Signature in their files and the signature will be shared with law enforcement officials only in cases of suspected fraud.
Thumbprint Signature program has received widespread support from the FBI, financial institution regulatory agencies and many local law enforcement authorities.
Currently, on average, participants are experiencing a 65 percent reduction in check fraud.
There is no start-up fee other than the cost of the actual Thumbprint pads and products themselves. Pads have a shelf life of 18 months or a minimum of 500 impressions, and decals are also available to warn potential criminals that their crimes will not go undetected.
For more information on the Thumbprint Signature program, contact Diane Harman at 340/343-8838.
The National Association for Bank Security is a financial institution security and risk management educational and consulting firm that has served the industry for more than 25 years with its products and services. Clients can take advantage of a telephone consulting service at no extra charge; The Advisor, a case history-driven bank security newsletter; comprehensive textbooks, manuals, and shorter printed information of topical interest dealing with security BSA and risk management matters; robbery kits; and educational training videos in a wide variety of areas relative to bank security and BSA compliance functions. Combined with expertise in a broad spectrum of support departments, NABS/Profit Protection, LLC continues to provide the financial industry with top-quality, cost-effective broad-based services in the security and compliance fields, year-in, year-out.