Fraud in banking transactions, especially wire transfers, have become an increasingly serious issue in regard to unrecoverable loss of funds and overall risk. Bloomberg Business reports that cyber-criminals steal as much as $1 billion a year this way.
"There are many mobile earnest money check solutions that are an ACH," says Glenn Drake, Founder and Co-Developer of Bank Shot. "There are numerous reasons we felt like an ACH is not the solution for our Bank Shot customers, since we wanted to avoid mandating information such as an individual's bank account, account number, social security number, and other private information. We instead developed our Stop Light technology, giving our client/customer the ability to Accept, Hold or Reject a check, therefore placing them in control of their transaction."
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