VeriSecure Systems, Inc. Demonstrates Check 21 Fraud Prevention

Mon Sep 20 08:05:34 PDT 2004

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 September 20, 2004 09:00 AM US Eastern Timezone

  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

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R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
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