Importance

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Abstract

Anti-fraud measures are implemented through networks for transactions using payment documents such as checks, letters of credit, notes, etc. as the payment instrument. The payer is authenticated and the availability of funds is verified by the payer's financial institution before the transaction is completed and the funds are immediately secured during the transaction. Since the transaction details are registered for verification purposes, neither payee nor third party has a chan e to alter any part of the transaction. The payment document may be an Anti-Fraud Check which has been endorsed with an anti-fraud system supplied 'TIN' or 'FSTIN' that provides better fraud protection than a conventional cashier's check or a traveler's check issued by a bank, and which can be issued without the usual required visit to a bank during bank office hours.

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First Claim