The 41st Parameter CEO Ori Eisen Featured in Unisys White Paper Discussing Check 21 Fraud Risk

SCOTTSDALE, Ariz., Sept 10, 2004 - Unisys has recently published a white paper discussing the possible fraud impact that Check 21 Legislation could have on the financial services industry. The paper entitled "Is Your Check 21 Implementation a Fraud Hazard?" features Ori Eisen, CEO of The 41st Parameter as one of three industry experts discussing inherent fraud risks in Check 21 processes.

Joining Eisen in the discussion are noted author and consultant, Frank W. Abignale, and Director of The Active Risk Monitoring Practice at Unisys, Elazar Katz. The discussion in the paper outlines how Check 21 implementation can lead to devastating fraud detection risks, and also, how organizations can take steps to mitigate risk.
Click to view the whitepaper in PDF format

Check 21 Legislation, which goes into effect on October 28, 2004, will no longer require banks to exchange original checks, but rather allow them to create "substitute" checks from digitally scanned images. These scanned images will be made available to customers as a part of their online banking experience. With the current rise in phishing attacks against financial institutions and their clients, Check 21 processes create an environment where nefarious individuals may have ready access to unprecedented amounts of customer information. This could include access not only to personal user accounts, but also to digital warehouses full of scanned customer checks, including account numbers, routing numbers, and even customer signatures.

The 41st Parameter (www.the41.com) is an innovative fraud detection and financial services risk management company with solutions designed for e-commerce as well as the online banking industry. The flagship product, FraudNet provides highly accurate, non-intrusive fraud control measures for Internet, mail-order and telephone-order merchants. The 41st Parameter also offers it's unique PhishingNet anti-phishing solution for the online payment and financial services industry.

Frank W. Abignale (www.abagnale.com) is one of the world's most respected authorities on the subjects of forgery, embezzlement and secure documents. For over twenty-five years he has lectured to and consulted with hundreds of financial institutions, corporations and government agencies around the world.

Unisys (www.unisys.com) is a worldwide information and technology services and solutions company.

The 41st Parameter is a registered trademark of The 41st Parameter, Inc. and/or its affiliates.