Since the introduction of the new Image Clearing System (ICS) by UK banks in October 2017, there has been an increase in cheque fraud losses. According to the annual UK Finance report ‘Fraud – The Facts’, cheque fraud losses increased to £20.6 million in 2018 and again to £53.6 million in 2019. These were the first rises in cheque fraud reported for seven years.
We can help you reduce the risk of fraud with the addition of a UCN to your cheques.
A UCN is an ISF (Image Survivable Feature) consisting of an unique encrypted code number printed on the face of the cheque. Designed to minimise fraudulent activity, in particular the counterfeiting of cheques, the UCN is always printed in two locations to ensure capture even if a receipt stamp has been used or it is otherwise obscured.
A UCN provides the bank and its cheque-issuing corporate customers with a robust and comprehensive cheque fraud prevention platform which fully survives the imaging process of the ICS.