Product: Live Verify service
Company: TeleCheck Services Inc.

Anyone who regularly follows the news knows that financial fraud is on the rise. Unsavory types, from international Tanzanian crime rings to two-bit thieves in way over their heads, are fleecing retailers and consumers worldwide.

The Wall Street Journal recently reported that major retailers' security precautions are not up to speed. A mere 17% of 231 large merchants examined were compliant with current card Association guidelines. Though checks were not included in the examination, check processing is in dire need of reform.

Major national merchants are a prime target for check and credit card fraud. To combat this, TeleCheck Services Inc. (a subsidiary of First Data Corp.) has introduced Live Verify, a check processing service designed specifically for large, high-volume merchants.

Traditional in-house check processing uses what TeleCheck calls distributed databases.

The problem with these is that information in them can be as much as 24 hours old, making merchants susceptible to fraud.

Live Verify enables large national merchant chains to access current, up-to-the-minute information when accepting checks at the POS. Real-time, negative databases provide merchants with immediate, highly accurate account information.

With Live Verify, no hardware upgrades are necessary, and TeleCheck maintains the databases, saving merchants a great deal of time and resource.

TeleCheck Services Inc.
800-Telecheck (800-835-32435)
www.telecheck.com