Cheque Guard: Offering Robust Check Fraud Detection Solution

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Emil Ramzy, founder and CEO; Heather Torgeson,VP of Treasury Management at Blue Sky Bank

The growing incidence of check fraud is becoming a threat to the U.S. banking system. In fact, the Federal Trade Commission (FTC) points that it has received a huge number of reports about this particular type of fraudulent activity in the last three years. It is becoming a real challenge for financial institutions to stop today’s perpetrators with traditional paper-based security models since they are well versed with the latest technological innovations. Also, the typical solutions require banks to have a data center to host all the issue files sent by their clients. Maintaining and ensuring the security of such a huge infrastructure is not an easy feat to achieve often cost-prohibitive.

This is where Cheque Guard steps in. The company helps businesses and financial institutions understand and prevent different types of check frauds with its robust solutions. “We help clients proactively combat frauds as opposed to taking remediation actions after an incident,” says Emil Ramzy, Founder and CEO, Cheque Guard.

Businesses can integrate Cheque Guard’s solution into their accounting system. It helps encrypt all the crucial information on a check including check number, check amount, check date, account number, and other essential details through a barcode. Banks can just decrypt the information on the barcode and automatically detect any anomaly or discrepancy between barcode data and printed information on the check.

In other words, banks do not need to look at reference files to ensure whether all the information presented on a check is perfect or send an exception report to a client.

We help clients proactively combat frauds as opposed to taking remediation actions after an incident

They can make pay or no pay decisions without waiting for clients’ replies. “Businesses do not need to undergo the inconvenience of uploading files. Every critical information that banks need to verify are encrypted on the check. This saves time for both the parties involved in the process,” mentions Heather Torgeson, The VP of Treasury Management at Blue Sky Bank. More importantly, businesses are not required to follow any complex process to implement Cheque Guard’s system. It can be seamlessly integrated into clients’ existing accounting systems. “We believe that the success of any fraud detection system depends on how easily it can be adopted,” Ramzy mentions.

The efficiency of Cheque Guard’s solution can be best exemplified through a customer success story. One of its clients was facing several incidents of check frauds, including altered names or altered amounts. “We installed our system and interfaced it with the client’s accounting and check production system,” adds Ramzy. “It eliminated every chance of fraud check processing, saving them thousands of dollars.”

Driven by several such successes and the mission to deliver innovative check fraud prevention solutions, Cheque Guard has partnered with several software companies to further hone its capability and drive growth continually. They are also improving check printing functionality to help clients have more control over the check printing and check signing electronically and remotely. “Amidst COVID 19, when everybody was working from home and couldn’t go to the office to print checks, we introduced remote printing, remote check signing applications to make check printing convenient for clients,” Ramzy mentions.

In a nutshell, with its easy-to-install and easy to use solutions, Cheque Guard is saving the nation’s banks millions of dollars and removing the guess work out of the check fraud detection process while ensuring the security and integrity of financial information.

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Company
Cheque Guard

Headquarters
Burbank, CA

Management
Emil Ramzy, founder and CEO; Heather Torgeson,VP of Treasury Management at Blue Sky Bank

Description
Cheque Guard helps businesses and financial institutions understand and prevent different types of check frauds with its robust solutions. The company supports clients in proactively combat frauds as opposed to taking remediation actions after an incident. Businesses can integrate Cheque Guard’s solution into their accounting system. It helps encrypt all the crucial information on a check—including check number, check amount, check date, account number, and other essential details—through a barcode. Banks can just decrypt the information on the barcode and automatically detect any anomaly or discrepancy between barcode data and printed information on the check. Accordingly, they can make pay or no-pay decisions without waiting for clients’ replies.