Union Bank of California Extends Its Check Fraud Detection Capabilities
May 23 2007 - 12:38PM
Business Wire
Union Bank of California, N.A. announced expanded fraud protection
that will automate and enhance the bank�s current check fraud
detection capabilities. With this new suite of products, the bank
has broadened its positive pay service to detect any alterations to
a check, including payee names. Positive Pay clients will now
receive notification of suspicious items as early as possible in
the process, providing the bank�s most efficient and cost-effective
defense system against check fraud. The positive pay system
verifies static check information such as issue date, dollar
amount, check number, account number and payee name. �As methods to
commit check fraud become more sophisticated and prevalent, we have
increased our efforts to provide our customers with the right tools
to help them protect their business assets. We continually look for
more advanced technologies that expand our broad range of check
fraud detection services for our commercial customers,� said
Executive Vice President JoAnn Bourne. According to Alok Ahuja,
senior vice president in product management, the new technology
provides a streamlined service to capture fraudulent checks as soon
as they are presented to the bank. �Fraudsters have learned to take
advantage of the limitations of traditional fraud detection
systems. By adding automated payee name validation, the bank can
now offer a positive pay service that provides an even higher level
of protection,� said Ahuja. Based in San Francisco, UnionBanCal
Corporation (NYSE:UB) is a bank holding company with assets of
$54.6 billion at March 31, 2007. Its primary subsidiary, Union Bank
of California, N.A., had 321 banking offices in California, Oregon
and Washington, and 2 international offices at March 31, 2007. The
company's Web site is located at www.unionbank.com.
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