Advancing digital technology has made it easier for counterfeiters and fraudsters to acquire blank cheque stationery and the magnetic ink (MICR) printers and fonts to recreate the cheques that are read by bank scanners. In recent years, Cheque fraud has become a growing issue of concern in some countries. With most countries adopting CTS system, cheque verification and clearing process is carried out through cheque images being sent in by the receiving bank or financial institution. Cheques need to be verified and cleared as quickly, efficiently and accurately as possible.
