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Biometric Fraud Fighter

BioPay 5.0 BIOPAY Biometric identification solution provider BioPay LLC has released its latest system for securing financial transactions. BioPay 5.0 allows merchants across the country to share negative customer financial transactions in real time to let them access fast and easy fraud-prevention measures.

BioPay 5.0 uses biometric technology to electronically capture a customer's fingerprint, store a template of the fingerprint image and then record check transactions associated with that person. The new system is easy for customers to enroll in; the information is stored on BioPay's Indivio database, the largest commercial electronic fingerprint database in the nation.

The entire system gives merchants a vast resource for verifying a customer's check-transaction history. BioPay 5.0 includes a feature for multiple-store processing and enrollment, enabling two or more affiliated stores to retrieve a customer's enrollment information from each other. This limits customer enrollment to one time. Clerks also can retrieve positive or negative customer check-cashing history from any affiliated store, including the last five transactions, check-cashing limits and store manager

When a check is presented, a return customer places the index finger on the fingerprint reader. The BioPay system searches for a print match, identifies the customer and then delivers a history of transactions associated with that person to the merchant.

If the person has any negative transactions, advanced alert mechanisms warn the clerk, enabling the transaction to be declined before it is processed, saving the store money it otherwise might have lost. A customer with a history of positive transactions allows the merchant to cash the check with confidence.

New features also include setting velocity options to reduce a "runner's" ability for cashing multiple bad checks during a specified time period. BioPay 5.0 can alert merchants if a person has visited a store more than once in a given day or more than one store in the same day and determine the number of checks and their amounts the person has cashed in a number of days, weeks, months and years. Warnings will alert merchants if the person exceeds their store-set check-cashing limit at a single location or across multiple affiliated locations.

Expanded customer information features allows merchants to capture a customer's birth date and store it in the system, helping merchants meet federal regulations for determining the accurate age for customers purchasing cigarettes and alcohol.

The customer-enrollment process is easy. On initial check presentment, the customer shows a driver's license or other ID for scanning or inputting into the BioPay database. At the same time, the customer's two index fingers are scanned and an electronic photo is taken of the customer. The entire process takes about two minutes, and all information is stored within the BioPay system. Repeat customers need only use their registered fingerprint to complete future transactions.

BioPay 5.0 will be available at the end of the second calendar quarter. Current BioPay customers with a monthly service plan can upgrade to BioPay 5.0 for no additional cost.

BioPay LLC 580 Herndon Parkway, Suite 100 Herndon, VA 20170 866-324-6729 www.biopay.com