News

TALL Group teams up with DIA Europe for fraud prevention tool

Thursday 20 December 2018 00:24 CET | News

The TALL Group of Companies has partnered with DIA Europe to create a tool designed for facilitating the cheque industry’s protection against payment fraud.

The TALL Group is a provider of secure electronic and paper payments solutions, and DIA Europe is a provider of the Kappa cheque fraud prevention platform. Their solution, UCN Plus is meant to help ensure that counterfeit, forged and fraudulently altered cheques are automatically trapped and rejected wherever possible. It also enables the variable payment data, such as payee name, amount, and date, to be encrypted and hidden within a QR code printed on the face of all cheques issued by the TALL Group on behalf of its cheque bureau customers. After the recipient has deposited the cheque, Kappa’s matching tool warns the issuing bank of any mismatch, while the customers can review the item before committing to pay, and still remain within the new two-day clearing cycle introduced in the UK by the Image Clearing System (ICS) in October 2017.

As such, cheques are now digitised at the point of deposit, and are no longer transported during the clearing process. The paper document has no legal value once imaged, and the image is transmitted into the infrastructure, so the integrity of the digital image becomes fundamental to its use as the ‘instrument’ to achieve the funds transfer.

This new system requires the use of Image Survivable Features (ISF) in order to protect against fraud. Overall payments fraud fell by 5% in 2017 compared to 2016, however the total figure still stood at GBP 731.8 mln.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: TALL Group, partnership, DIA Europe, fraud, prevention, cheques, security, payments, data, UK
Categories:
Countries: World