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Management Strategies

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JP Morgan Chase Bank to use check fraud detection system from Fiserv; Zions Bancorporation selects real-time Web analysis tool from Omniture; ATB Financial installs an integrated money laundering and fraudulent activities detection system from ACL Services.

JP Morgan Chase Bank will utilize Positive PayPLUS with Secure Seal, a product from Brookfield, Wis.-based Fiserv that can reduce fraud on corporate checks.

Positive PayPLUS with Secure Seal is an automated check-verification system that enables banks to compare critical payment information on checks presented for payment against the original information captured at the time the check was issued. Positive PayPLUS with Secure Seal improves current check verification systems in three key areas: First, the system adds payee verification to existing positive pay products used by banks. Second, the system provides the ability to place issue file information, including payee, directly onto the face of the check in an unobtrusive, encrypted Secure Seal.

Finally, the product digitally reads the face of the presented check to automatically capture all payment information, compare it with the Secure Seal and/or the issue file information to identify any exceptions for subsequent decision-making.

Edward Regina, vice president of JP Morgan Treasury Services, said current Positive Pay systems have been very successful in identifying fraudulent checks with altered amounts, or counterfeited and duplicated checks. So fraud artists have resorted to altering or modifying the payee name on stolen checks with valid serial numbers and amounts.

"By faking a payee name, they have been able to get checks paid because the bank did not have the actual issue name for review," Regina said. "Positive PayPLUS with Secure Seal closes this major loophole by automatically scanning every check to see if the payee name was changed or added to. If we catch a fraudulent check within a 24 hour period of it being presented to us, it can then be returned to the bank of first deposit with no loss to our customer."


Zions Bancorporation has selected SiteCatalyst from Omniture to provide real-time analysis for their Web activities.

Zions Bancorporation operates over 400 full service branches and more than 500 ATMs throughout California, Utah, Idaho, Nevada, New Mexico, Arizona, Colorado and Washington. Zions Bank, one of the bank subsidiaries of Zions Bancorporation, will use SiteCatalyst to provide them with immediate insight on how to optimize conversion, measure and improve online marketing campaigns and improve web functionality to maximize customer usage.

SiteCatalyst was selected as the best product to help Zions reach its goals. Using SiteCatalyst, corporate, regional and local managers can log in from any Web browser to review statistical reports that are relevant to their individual responsibilities. These managers can then evaluate Web site metrics on a global, regional or individual basis.

"One of the important things we were looking for was a product that could give us immediate insight on not only individual bank websites, but also global information across all of our web properties," said Mike DeVico, chief information officer of Zions Bancorporation. "It is important for us to understand trends taking place throughout our properties, how customers are finding us and what we can do to better serve their banking and investments needs."


ATB Financial, Alberta, will install an integrated money laundering, terrorist property, and fraudulent activities detection system produced by ACL Services, Vancouver.

ATB Financial views this product as a proactive response to the Canadian federal government's new Proceeds of Crime (Money Laundering) and Terrorist Financing Act that takes effect January 31, 2003

"With tightened compliance requirements, our goal is to minimize ATB Financial's exposure to illegal activities such as money laundering, check kiting and fraud. By implementing ACL's solution, we're confident that we will comply with these new federal regulations," said Ken Casey, senior vice president of Electronic Banking and Central Services of ATB Financial. "In addition, the power and flexibility of the ACL technology will enhance our overall risk management processes."

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