Fiserv said it has added a new check fraud detection, FraudGuard Secure Seal Positive Pay, that will allow any size financial institution to offer check fraud services to its business customers. Fiserv recently implemented the solution at Grand Bank in Dallas and plans to roll it out at its 51 check processing facilities across the country.
Secure Seal is a technology that hides issue file data, like payee name, account and check number, and dollar amount, on the face of the check. During processing information from Secure Seal is compared with the check image, providing full positive-pay to detect any alterations or counterfeits.
