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DELUXE ANNOUNCES HOTLINE FOR LOST OR STOLEN CHECKS

 ST. PAUL, Minn., Feb. 12 /PRNewswire/ -- Deluxe Corporation (NYSE: DLX) today announced a new Lost or Stolen Check Hotline for financial institutions (FIs). The new program links the services of ChexSystems, an account verification service for FIs, and Electronic Transaction Corporation (ETC), which operates the Shared Check Authorization Network (SCAN) for retailers. ChexSystems and ETC are Deluxe Subsidiaries.
 The new partnership lets the banking industry and the retailing industry help each other reduce losses from bad checks. Consumers whose checks are lost or stolen report the information to their FIs. When the consumer's account is closed, the FI calls the Lost or Stolen Check Hotline. The information then is sent to ETC for access by SCAN members.
 Consumers and retailers both benefit from the new hotline. With one phone call, consumers can ensure that many retailers -- including J.C. Penney, Neiman Marcus, Safeway, Nordstrom, Target and others -- will be alerted to their lost or stolen checks. Retailers can learn quickly whether a check presented for payment has been reported lost or stolen. The new service can help decrease the amount retailers lose to bad checks -- a fact that will help keep prices down for everyone.
 For more information about the new hotline, contact Kevin Full, loss prevention manager, at 612-483-7065.
 Background:
 Although only about 1 percent of all checks written in the United States are returned, industry experts estimate that retailers and FIs lose $10-20 billion each year to those bad checks. That amount is growing annually, caused in part by a poor economic environment and relatively easy access to low-cost, high tech document counterfeiting devices.
 ChexSystems and SCAN are services that help prevent check fraud. When someone wants to open a new checking account, for example, an FI that is a member of ChexSystems can access a database containing eight million records of people whose previous FI accounts were closed for cause. The nation's largest account-verification service, ChexSystems last year advised more than 56,000 member locations of accounts that had been closed for cause.
 SCAN, the nation's largest check loss prevention service, provides a similar function to retailers. When someone presents a check for payment at the point of sale, SCAN members can verify whether that person's account number is valid. They can also learn whether another SCAN member has reported the person for writing a bad check and not making good on the debt. If SCAN detects a problem, a merchant can request a cash or credit card payment instead.
 Deluxe Corporation, an industry leader in providing products and services to the payment systems industry, has taken a leadership role in combating check fraud. In addition to the Lost or Stolen Check hotline, the company offers "security checks" containing a hologram-like feature that is difficult to counterfeit and thus helps prevent the fraudulent use of cashier's checks.
 The nation's largest check printer, Deluxe also provides electronic funds transfer (EFT) processing services and software and ATM card services to financial institutions. In addition to serving the payment systems industry, Deluxe also offers products and services through its Business Systems and Consumer Specialty Products divisions.
 -0- 2/12/93
 /CONTACT: Kevin Full, loss prevention manager for Deluxe, 612-483-7065/
 (DLX)


CO: Deluxe Corporation ST: Minnesota IN: SU: PDT

KH -- MN005 -- 6107 02/12/93 11:08 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 12, 1993
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