UCN Plus® Cheque Fraud Prevention Tool
Developed specifically for Corporate or ‘Special’ Computer Cheques, UCN Plus® is an ISF consisting of an encrypted QR (Quick Response) code printed on the face of the cheque. UCN Plus® provides the bank and its cheque-issuing corporate customers with a robust and comprehensive cheque fraud prevention platform which fully survives the imaging process of the ICS.
UCN Plus® replicates the benefits of paper-based ‘Positive Pay’, by providing an automated, fully ‘hands-off’ version for the ICS, whilst removing the costs of data file preparation, transfer and any associated manual administration.
The UCN Plus® covers all codeline and variable data, including payee name, amount and date from the printed cheque.
The TALL Group offers two methods of ‘Special’ cheque production with the UCN Plus® applied: –
- Customers can use the TALL Group’s ‘CheckPrint Solution™’, a software-based solution that enables customers’ own in-house infilling of computer cheques including the addition of the UCN Plus®
- The TALL Group offers customers a ‘Cheque Bureau Service’ where cheque data is supplied to TALL who then securely manage the data to print, including the UCN Plus®, and then mail the cheques (where required) on the customer’s behalf
What are the benefits of adding the UCN Plus® Cheque Fraud Prevention Tool?
According to UK Finance ‘Fraud the Facts 2019’, cheque fraud losses increased to £20.6 million in 2018. This is the first rise in cheque fraud reported in seven years. A total of £218.2 million of cheque fraud was prevented in 2018, up by three per cent on 2017. This is equivalent to £9.14 in every £10 of attempted cheque fraud being stopped before a loss occurs. However, this remains the highest proportion of attempted fraud prevented across all types of payment fraud making the ‘good old dependable cheque’ still a valued payment method .