OSI, ASD form alliance to fight check fraud

GLASTONBURY, Conn. – Open Solutions Inc., a leading provider of integrated enabling technologies, and Advanced Software Design Corp., a provider of electronic check fraud prevention products, have joined efforts to fight check fraud. OSI clients can now use ASD’s SANDT (Self-Authenticated Negotiable Documents) system for fraud prevention. SAND is a secured suite of check fraud prevention solutions designed as a total closed-loop business development tools. The company says it provides “unprecedented protection” against counterfeit checks and forgeries, and also provides anti-fraud protection for the paying bank and the bank of first deposit. SAND allows a financial to print an encryption code, containing payment information, directly on to the item when it’s disbursed. The code can then be read electronically or manually when it’s presented through in clearings, proof, merchants, or at teller stations. Validation of the encryption code guarantees that the check serial number and amount, as well as the payee information, have not been altered. In addition, SAND’s technology enhances traditional positive pay by eliminating inherent challenges such as the requirement to upload issued items files, the timing of pay/no-pay decisions, and teller presentment. Thousands of people fall victim to check fraud each year, and the losses will continue to increase as technology advances and criminals become more sophisticated, said Mike Nicastro, senior vice president and general manager for OSI. “Our commitment to current and future clients is an integrated, end-to-end, next generation check fraud prevention and positive pay solutions. We want to equip our clients with the best solutions to help mitigate possible losses,” Nicastro said.