Create-A-Check Combats Check Fraud with Check Fraud Insurance from Travelers Insurance; Businesses Currently Lose More Than $12 Billion Annually to Check Fraud.

Business Editors

SALT LAKE CITY & HARTFORD, Conn.--(BUSINESS WIRE)--April 18, 2001

Create-A-Check(TM), the leading provider of secure payment software solutions becomes the first MICR-check printing enterprise to provide Check Fraud Insurance to thousands of businesses using the company's software. This insurance program provided by Travelers Bond - a division of Travelers Insurance - provides protection against unauthorized checking transactions such as forgery, theft, alteration and certain legal expenses. Check Fraud Insurance is included along with Create-A-Check's payment management software.

"Create-A-Check has led our industry in ensuring the security of payment management processes, by combining fully integrated, customizable and convenient check printing with lower operational costs," said Dave Lakhani, CEO of Create-A-Check Business Solutions. "We are very happy to have Travelers Bond extend the security of our solution."

Check fraud is big business: Through its research, Create-A-Check estimates that American businesses may lose over $12 billion a year as a result of check fraud. Small and medium-sized businesses as well as governmental agencies are frequent and vulnerable targets.

"Check counterfeiters, forgers and thieves love stealing from these organizations, which they often see as "easy prey," said Lakhani. "Payroll checks are the most common target of check-fraud artists. In addition to stealing and forging blank payroll checks, criminals copy down the routing and account numbers found on the bottom edge of checks to then electronically create legitimate-looking checks from a laser printer. And this is often not discovered until after the check has cleared and the funds withdrawn!"

Because banks process more than 60 billion checks annually, these types of fraud are difficult to detect. "The risk to medium-sized businesses is greatest, because they don't often have the controls in place or the banking relationship to protect them, but often do have large amounts in their checking accounts, especially around payroll time," notes Steve Balmer, Crime Product Manager for Travelers Bond. "We are pleased to provide this coverage to Create-A-Check, so that its business customers have additional protection from this growing risk."

The extent of the coverage for an unauthorized transaction is determined by the business's compliance with procedures made available by Create-A-Check and the participating business's own bank. Businesses using Create-A-Check security-enabled blank check stock, Create-A-Check software with Trace-A-Check(R) microprint, and their own bank's "Positive Pay" process will be covered under this program.

About Create-A-Check Business Solutions

Create-A-Check Business Solutions, founded in 1991, is located in Salt Lake City, Utah. Create-A-Check provides MICR laser check printing and payment software solutions for thousands of businesses across the United States and in 15 countries. For more information, visit www.createacheck.com.

About Travelers Bond

A leader in the bond business for nearly 90 years, Travelers Bond (www.travelersbond.com) is a major writer of crime insurance, surety and professional liability products. Bond's primary underwriting company, Travelers Casualty and Surety Company of America, is rated A++ (superior) by A. M. Best.

About Travelers Insurance

Travelers Insurance, a member of Citigroup (NYSE: C), is a leading provider of a full range of insurance products. Travelers is a principal source of homeowners and auto insurance for consumers, while also providing a broad range of insurance for commercial markets, including workers' compensation integrated disability, property, liability, specialty lines, surety bonds, inland/ocean marine, and boiler and machinery. Travelers also offers financial products focusing on solving consumers' asset-accumulation and income-protection needs through such vehicles as annuities, group annuities and life insurance. Travelers offers customers a full range of financial services, including retirement planning, estate planning, asset protection and death benefit protection through a professional independent agency force and Citigroup distribution channels. For more information on Travelers Insurance products, see www.travelers.com.