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Check washing is the process of erasing details from checks to allow them to be rewritten, usually for criminal purposes such as fraudulent withdrawal from the victim's bank account. [ 1 ] Various steps can be taken by the writer of the check to reduce the possibility of falling victim to check washing.
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A bearer check is payable to anyone who is in possession of the document: this would be the case if the cheque does not name a payee, or is payable to "bearer" or to "cash" or "to the order of cash", or if the cheque is payable to someone who is not a person or legal entity, for example if the payee line is marked "Happy Birthday".
Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents.
The ink used in magnetic ink character recognition (MICR) technology is also used to greatly reduce errors in automated (or computerized) reading. The pigment is dispersed in a binder system (resin, solvent) or a wax compound and applied either by pressing or by hot melt to a carrier film (usually polyethylene).
A counterfeit banknote detection pen is a pen used to apply an iodine-based ink to banknotes in an attempt to determine their authenticity. The ink reacts with starch in wood-based paper to create a black or blue mark but the paper in a real bill contains no starch, so the pen mark remains unchanged.
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1747 Olentangy River Rd, Columbus, OH · Directions · (614) 299-9425