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MICR
Jul 11, 2008 23:06:39 GMT 4
Post by Sapphire Capital on Jul 11, 2008 23:06:39 GMT 4
Magnetic Ink Character Recognition or MICR is nicely explained at: en.wikipedia.org/wiki/MICRbut it is not any more a safe way to secure the handling of checks. To many high level professionally made fake checks have been in the markets and check writing software, allowing customers to print their own checks including the use of E-13B fonts and CMC-7 fonts have resulted in compliance officers to just look at the fake checks as a natural risk and something that can not be avoided. Bank Certified Checks have been tried with falsification secure features, but with printing equipment more advanced almost all technical challenges can be overcome. It is time to forget about the checks and systems using its derivates and abandon them. Even if the US economy is fond of its use, wire transfers are more secure and speedy and much less labor intensive.
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