MINNEAPOLIS--(BUSINESS WIRE)--Oct. 13, 2006--Check fraud has
evolved to yet another level. Now that some criminals have found out
that banks have the ability to verify check serial numbers and dollar
amounts on checks presented for deposit, they are focusing on altering
the payee name on stolen checks or counterfeit checks.
"Payee Positive Pay eliminates the risk of loss from check
alterations by identifying suspect items and allowing them to be
returned within the 24 hour return window - the most critical element
in avoiding loss for both the bank and our customers," said Ann C.
Smith, senior vice president of U.S. Bank Treasury Management
Services. "U.S. Bank strongly encourages business customers to take
advantage of this important enhancement."
Businesses can stay one step ahead of criminals by using U.S. Bank
Payee Positive Pay. This new enhancement to U.S. Bank Positive Pay now
helps detect and prevent altered payee name fraud on deposited and
cash letter items. Payee Positive Pay identifies any non-matching
items compared to the customer file of checks issued. During the check
clearing process, U.S. Bank Payee Positive Pay verifies who the checks
are payable to and identifies suspect items. The customer reviews
their checks and makes the decision online whether to return suspect
items or continue payment. Payee Positive Pay also includes payee name
verification at U.S. Bank's teller line. Checks presented for payment
that don't match the issue file are returned to the presenter. U.S.
Bank has made significant investments in technology to offer customers
this next level of fraud prevention.
U.S. Bank notifies customers of any non-matching checks for their
decision making. Customers can efficiently review images and make
payment decisions online from a single point of access with U.S. Bank
SinglePoint(R), part of a suite of integrated online Treasury
"U.S. Bank Payee Positive Pay has enabled us to take the
additional step to tighten controls on how we process and reconcile
our paid checks," said Brian K. Hankel, vice president and treasurer,
MidAmerican Energy Holdings Company. "We can now easily review any
suspicious checks and exception items to determine whether they should
be paid. We are confident that Payee Positive Pay provides us the next
level of security needed."
U.S. Bancorp (NYSE:USB), with assets of $213 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,434 banking offices and 4,966 ATMs, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. U.S. Bancorp is the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank
Amy Frantti, 612-303-0733
SOURCE: U.S. Bank