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COLUMBUS, Ohio – The $2.4 billion Corporate One has partnered with Primary Payment Systems to help credit unions protect their members against fraud. Last week Corporate One rolled out the IDENTITY CHEK Web Service, a Web-based fraud prevention service from PPS that allows frontline credit union staff to screen new account applications in seconds. The service is available to through Corporate One’s Web-based account management system, MemberViewr. Corporate One also offers DECISION CHEK MICR, a check fraud prevention service that utilizes a dial-up check reading device used to scan each item’s MICR line, access databases representing nearly 200 million checking accounts from most of the nation’s largest financial institutions, and within seconds, provide advance notification of potential returns. Both are part of the Early Warningr suite of solutions from Primary Payment Systems, a Concord Risk Management Company located in Scottsdale, Ariz. “We’re giving our member credit unions the tools they need to mitigate their exposure to fraud and protect their members,” said Lee Butke, president/CEO of Corporate One. “These fraud prevention solutions will become part of a fully electronic deposit automation solution that we’re developing for a post-Check 21 environment,” he added. According to the Tower Group, identity theft is now the fastest growing crime in America, costing financial institutions an estimated $1 billion in 2002. And Meridien Research estimates an increase to $8 billion by 2006. According to the Federal Trade Commission, 43% of the complaints received in 2002 involved the hijacking of someone’s identity information to steal money or commit fraud.

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