If you need to check the legitimacy of a document, such as a cheque, Magnetic Ink Character Recognition (or MICR) can do this. Cheques are printed with a special magnetic ink, meaning it can be encrypted with characters that would otherwise be undetectable.
The toner that prints fonts on cheques contains iron oxide, which makes the cheque clearing process run more smoothly. High speed readers sort through the information by sending a magnetic charge to the paper and reading information, such as account or routing number.
What does this mean?
By using MICR, it means security is heightened, and the risk of financial loss through fraud or counterfeiting is decreased. Therefore, if a cheque is forged, it will not have the special ink that responds, or a scannable code that banks require.
MICR doesn’t just help prevent counterfeiting, it also helps identify whether a person has the funds to process the cheque. MICR can immediately indicate whether an account owner is to be trusted and whether they have a history of writing bad cheques. This can save you a lot of time and effort in the long run.
Who is MICR useful for?
MICR can be used by many types of businesses who handle documents that may need vetting for fraud and authenticity. It is often used by retailers who accept cheques to help them identify when a cheque has been forged. It is also used by governments and organisations who have found the technology useful for sorting different forms of documents.
Would you like to find out how MICR can help you and your business to avoid fraud? We are experts in preventing document forgery. We can talk you through our technology, as well as help you decide whether it would be right for you.
Simply fill in your details on this form and once we have them we will get in touch to set up a time for a consultation. It’s totally free and we will be more than happy to answer any questions about the technology you may have.