Thumbprint Signature Program  ̶  Check Fraud Deterrent

According to Ernst & Young, more than 500 million checks are forged annually, with losses totaling more than $10 Billion. Crooks are using every trick in the book, from counterfeiting to forging to stealing checks out of mailboxes or even trash.

So, how can you protect your bank and your customers? The NYBSCO-endorsed Thumbprint Signature Program, developed by the Texas Bankers Association, works as a natural deterrent. When non-account holders ask to cash a check, in addition to requesting the standard forms of identification, participating banks can also ask them to place an impression of their thumbprint on the face of the check. A small "inkless" touch pad facilitates the process. The pads do not leave residue or stains on hands or clothing, and any remaining ink disappears by rubbing fingers together. Prints are not placed in a database and are used only if a check is found to be stolen, counterfeit or fraudulent.

Since its inception, more than 400 Texas retailers, merchants and more than 135 bank charters are participating in the program. In addition, the program has been implemented in 35 other states. Currently, on average, participants are experiencing a 65 percent reduction in check fraud.

There is no start-up fee other than the cost of the actual Thumbprint pads and products themselves. Pads have a shelf life of 18 months or a minimum of 500 impressions, and decals are also available to warn potential criminals that their crimes will not go undetected.

For more information on the Thumbprint Signature program, contact Gus Kananis, Field Marketing Manager at 518/286-9287, e-mail: gkananis@nyba.com or call NYBA's Profit Solutions @ 1-800-522-5607.