Cheques have been used by people all over the world, for over 350 years.

Although the use of cheques in the market to make payments has decreased over the years, the total loss to businesses that are still using cheques is significantly high compared with previous years, at 161% increase in 2019, according to UK Finance, 'Fraud the Facts 2020'.


How have cheques evolved?

In 2018, Pay.Uk introduced the Image Clearing System which allowed for images of cheques to be exchanged between banks and building societies. The Image Clearing System replaced the paper clearing process, and was a way to catch up with technology; thus making cheques digital for users to make electronic payments and improve processing timescales.

What is Image Survivable Feature (ISF)?

As fraudsters quickly figured, the Image Clearing System had some security vulnerabilities which were open to manipulation. In response, the industry introduced Image Survivable Feature (ISF), a feature designed specifically for the Image Clearing System. ISF is a relatively new feature which uses cryptographic technology to retain security features and sensitive information on cheques. The payment data is encrypted and printed onto the face of the cheque, either as a string of text or machine-readable code.

ISF may soon be a mandatory security feature required by banks. Businesses using cheques will need to invest in a solution - whether that's internal, or through an outsourced printing service, that allows them to be compliant and secure.

Are businesses doing enough   Cheques image
Why it matters?

Cheque fraud losses increased to £53.6 million in 2019.

Securely print and send cheque payments

Reduce the time and cost of processing cheque payments with secure cheque printing services and alternative payment strategies.

Cheques

Explore Cheques

Latest Trends

Learn more about outsourced cheque printing services and how to prevent cheque fraud:


How cheques have evolved, and why this is good news for fraudsters

This episode on the payments podcast is reviewing how cheques have changed to keep up to date with the digital consumer that expects payments fast.

Listen to the podcast

v1static4504957067001b7d4cd97 4ec7 400e 9f98 246368e7f0a7105c4e6f 53b2 4dd4 bf5e 601d99e38fec1280x720matchimage
video time: 00:11 video title: How cheques have evolved, and why this is good news for fraudsters
GET IN TOUCH

Want to learn more about PTX?

Give us a call.

Our payment experts are here to help.

0118 925 8250

Chat with us.

Chat with one of our payment experts. We'll recommend the right solution for you.

See how we can drive your business forward.

Tell us a bit about you and your business and we’ll get back to you with all the information you need.