Biopay Helps Bi-Lo Reduce Check Cashing Fraud
APRIL 13, 2004 -- HERNDON, Va. - Biometric payments provider BioPay, LLC says Bi-Lo's recent implementation of its Paycheck Secure technology has helped the chain substantially reduce check cashing fraud at its 176 of its supermarket locations throughout the Southeast.
The Mauldin, S.C.-based Ahold subsidiary has been using Paycheck Secure, a leading electronic biometric identification check cashing system, since November 2003, and says it has seen its losses from fraudulent checks reduced by more than 60 percent.
The company said Bi-Lo has used Paycheck Secure to successfully complete nearly 100,000 check cashing transactions worth more than $21 million dollars, and notes that nearly 40,000 Bi-Lo customers are now enrolled in Paycheck Secure.
"Our expectations have been met ... and exceeded," said James Wiles, Bi-Lo's director of loss prevention. "In a short period, BioPay and Paycheck Secure have delivered on reducing fraudulent check losses, and you can't ask for better than that."
Wiles says Bi-Lo has taken "a major step by being one of the first large supermarket chains to use biometrics to fight fraud."
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