<http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20040920005169&newsLang=en> Search Results for Google September 20, 2004 09:00 AM US Eastern Timezone VeriSecure Systems, Inc. Demonstrates Check 21 Fraud Prevention FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 20, 2004--VeriSecure Systems(TM), Inc. announced that its Check Fraud Prevention System (CFPS) was tested under the auspices of the Financial Services Technology Consortium, whose members include the largest financial institutions in the US, as well as community banks, check clearing exchanges and other institutions. VeriSecure Systems technology was demonstrated to survive the check truncation, imaging and exchange and to offer security value throughout the process. In October of 2003, Congress passed legislation known as Check 21. This legislation becomes effective October 2004 and enables the banking industry to exchange bank check images in lieu of paper bank checks. Called "Controlling Fraud in a Truncated Check Environment", the purpose of the project was to assess the survivability, performance and viability of "next-generation" document security features in image based operations for bank checks, by conducting real life simulated exchanges among ten institutions. VeriSecure Systems employed its Check Fraud Prevention System (CFPS) for the project, which is based on its US Patent #5,432,506 "Counterfeit Document Detection System." The technology uses cryptography to create a unique code for each check. The security feature is applied as a standard printed barcode symbol by the check issuer. VeriSecure's software, developed in conjunction with Inlite Research, Inc., can provide a fully automated solution to read and validate the codes from either the actual paper documents or from the images of the documents. The software rapidly verifies the authenticity of the information printed on the checks, and identifies any alterations, thus preventing the most prevalent forms of fraud. Tom Chapman, VeriSecure's founder and the inventor of the technology said, "This project has certainly helped to demonstrate how cryptography can easily and conveniently be put to use, to validate any type of physical documents or their images. Along with fraud losses, this technology has the potential to reduce operating expenses of financial institutions as well as remittance processing for corporations." Gene Manheim, President of Inlite Research explained that "Industry standard barcodes serve as the robust foundation to secure check images, and enable innovative technologies like CFPS to provide fraud prevention across a huge range of images." Frank Jaffe, project manager for FSTC, said "Based on the results of the project, and given the magnitude of the risks of loss from check fraud, FSTC believes that financial institutions and check issuers will be well served by the adoption of these new document security features." About VeriSecure Systems The Company licenses its patented technology which is designed to verify the authenticity of physical documents and/or captured images. It is located in Plantation, Florida. (954) 401-8378 http://www.verisecuresystems.com About Inlite Research Since 1992, Inlite Research Inc. offers its Image Processing and Barcode Recognition technologies to OEMs and solution providers in markets that demand the utmost accuracy, productivity and quality in business processes. It is located in Sunnyvale, California. (408) 737-7092 http://www.inliteresearch.com About The Financial Services Technology Consortium The Financial Services Technology Consortium (FSTC.ORG) is a consortium of leading North American-based financial institutions, technology vendors, independent research organizations, and government agencies. New York, NY. (212) 461-7116 http://www.fstc.org Contacts VeriSecure Systems, Inc., Plantation, Fla. Tom Chapman, 954-401-8378 Print this Release Terms of Use | ) Business Wire 2004 -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'