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The Texas Bankers Association (TBA) has released some GOOD news for a change. Since the start of a program requiring fingerprints from non-customers when they cash checks, the amount of non-customer check fraud has fallen by over 70 percent.
Under the Thumbprint Signature Program (TSP), non-customers must use a no-ink, no-stains and no-residue fingerprinting device to place a right thumbprint on the face of the check between the memo line and the signature line.
The program was developed by the TBA and the Clearing House Association of the Southwest. First-year savings for six banks being monitored were projected at $2.2 million. Retailers across the state have picked up on the program and 170 institutions are now included among those who have implemented the TSP.
One individual who was not deterred by having to leave his print on the checks he cashed may now wish he’d gone elsewhere. The Austin Police Department’s forgery unit arrested and convicted a man who cashed over $50,000 in bogus checks. The unit also was able to crack more than a dozen other fraud cases because of the thumbprint system. One of the reasons that those involved in implementation of the program are so encouraged is the time factor. The process used to require personal identification in a police line up and could take up to six weeks to complete. Now, with the TSP, the time has been cut to about 48 hours.
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