Citibank Check Authentication Mark Protects against Counterfeit Checks
Citibank’s e-Business division announced the launch of a new security feature in the U.S. which will significantly reduce the risk of check fraud for corporate customers. The new feature, Citibank Check Authentication Mark, utilizes unique materials on the check stock which are extremely difficult to counterfeit. Citibank will be the first bank to offer this innovative technology. Check Authentication Mark is the first high-speed, machine-readable, check authentication system. This new system is extremely secure and, most importantly, is not available to the perpetrators of fraud. Citibank has installed special electronic detectors on its corporate check sorting equipment, which will authenticate checks containing the unique material. Check fraud is a growing threat to banks and their corporate customers. In 1999, losses from check fraud in the US were around $19 billion, a 66% increase from 1996.