The hash signature of the cheque's
content is computed by the cheque's drawer.
The collecting bank computes the
signature and compares it against the one on the cheque, verifying
immediately that there is no fraudulent alteration.
In other words, rather than computing
the hash signature to prevent internal tampering of the cheque,
TechnoCheck prevents tampering for the entire cheque's life cycle.
It is important to note that
Technocheck’s hash signature is based not only on data written on
the cheque but also on additional code that doesn't appear on the
cheque itself; this feature provides additional security against
frauds as it cannot be reproduced or altered.
Back to the main fraud typologies:
– Counterfeit cheque fraud: there is
no way to counterfeit cheques that have Technocheck ash signature
because it would then have a wrong hash signature on it.
– Forged cheque fraud: the correct
hash signature cannot be created because it also depends on
additional code the forger doesn't know.
– Fraudulently altered cheques: again
the hash signature wouldn't match.
Furthermore, Technocheck is fully
configurable/ customizable, allowing financial institutions to choose
what to include into the hash signature computation to address their
security levels.
