Check Verification System Vulnerable To Mistakes
Bruce Mohl reports for the Boston Globe on Certegy's check verification services used by retailers and how the services don't always work perfectly.
Retailers such as Macy's employ check authentication companies that take the limited information gathered at the register and in about a third of a second decide whether the check being offered for payment should be accepted or rejected. The companies rely on massive check-transaction databases and fraud modeling systems to make each call. Officials at the companies say less than a half percent of the $790 billion of point-of-sale checks written each year are rejected.
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