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    Fraud Prevention at the Financial Service Center

    Check Cashing, Payday Loans & Other Financial Services

    Accurately Validate ID documents and Payments at the Point of Transaction

    The business model for check cashing and payday loan companies creates exposure to a mixture of difficult to manage fraud and compliance issues. Potential areas of fraud losses or compliance violations include:

    • Counterfeit Currency Accepted for Various Transactions
    • Cashing Fraudulent Checks
    • Performing Foreign Remittance/Wire Transfers
    • Generating Payday LoansIssuing Money Orders or Cashier’s Checks

    Check cashing businesses risk expensive fines for non–compliance with regulations and must take steps to ensure that point of sale employees can effectively verify the identity of the individuals cashing checks. As de facto banking centers, check cashers must adhere-to many of the same regulatory guidelines as banks and credit unions, which are among the most regulated entities in the world. Check cashing companies often also act as personal financial service centers; offering wire transfer and foreign remittance services, selling cashier’s checks or money orders and accepting payment for utility and cable companies. This diverse mix of financial activities requires businesses to implement protocols that can protect consumers and meet compliance regulations.

    Failure to validate identity today many times leads to fraud, which is costly and directly affects the bottom line as such transactions result in financial losses resulting from the fraudulent transaction, and because violating customer identity regulations may result in costly fines that can amount to tens of thousands of dollars.

    Fraud Fighter™, a division of UVeritech, has an in–depth understanding of the check cashing fraud prevention environment and offers a diverse line of check cashing fraud prevention products that are easy to use, require little to no training and can aid in the validation of ID documents, currency and other negotiable instruments. Fraud Fighter™ protection controls stop fraud immediately and these state–of–the–art solutions start at less than $100.