Point-of-Sale ID Verification Key to Fraud Control
St. Petersburg, Fla., March 14, 2000 - Equifax (NYSE: EFX) today
announced that Price Chopper, one of the largest supermarket chains
in the northeast, has selected Equifax Check Solutions' Paycheck
Accept(sm) fraud prevention system to combat payroll check cashing
fraud. Price Chopper began using the unique system last year in
the Worcester, MA, area and will now install the system in 49
more stores in New York and Massachusetts.
Paycheck Accept(sm) reduces fraud by performing basic consumer
identification authentication while validating Social Security
numbers and comparing the check payee to identification information
in the Equifax credit database. It is another product that leverages
the vast information resources of Equifax to combat ID fraud.
In January, Equifax launched PayNet Secure, giving merchants the
exclusive ability to authenticate the identity of consumers and
authorize credit card or check payment on their web sites.
Larry Friedman, vice president, financial services for Price
Chopper, said, "We believe Paycheck Accept is an efficient
and cost effective solution to help us control our exposure to
fraudulent payroll check losses while offering our good check
cashing customers the high level of service they are accustomed
to receiving from our stores. Equifax Check Solutions has the
unique ability to electronically validate the identity of the
payroll check casher by linking exclusive last name and SSN databases
available through Equifax Credit Information Services. By controlling
identity fraud, Paycheck Accept reduces payroll check cashing
fraud."
Paycheck Accept was developed by Equifax as a turnkey hardware
and software application for supermarkets cashing payroll checks
in a courtesy or customer service counter environment. Price Chopper
has decided to integrate the Paycheck Accept system into their
proprietary point of banking system. This will enable Price Chopper
to streamline the check cashing transaction and access additional
proprietary databases, including its frequent shopper card.
Jeff Carbiener, senior vice president and general manager, Equifax
Check Solutions, said, "Equifax designed Paycheck Accept to meet
a critical supermarket industry need for drastically reducing
the incidence of paycheck fraud. Price Chopper's successful implementation
confirms the effectiveness of Paycheck Accept's thorough identification
verification process."
Paycheck Accept is also being used by another major grocery chain
and additional installations at other large supermarkets are scheduled.
Paycheck Accept is available nation-wide from Equifax Check Solutions.
Equifax, a worldwide leader in shaping global commerce, brings
buyers and sellers together through its information management,
transaction processing and knowledge-based businesses. Atlanta-based
Equifax (NYSE: EFX) serves the financial services, retail, credit
card, telecommunications/utilities, transportation, information
technology and healthcare industries and government. Equifax adds
knowledge, expertise, convenience and security to provide value-added
solutions and processes for its customers wherever they do business,
including the Internet and other networks. Equifax employs about
13,000 associates in 17 countries with sales in almost 50 and
has $1.8 billion in revenue.
Statements in this press release that relate to Equifax's future
plans, objectives, expectations, performance, events and the like
are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
Securities Exchange Act of 1934. Future events, risks and uncertainties,
individually or in the aggregate, could cause actual results to
differ materially from those expressed or implied in these statements.
Those factors could include changes in worldwide and U.S. economic
conditions that materially impact consumer spending and consumer
debt, changes in demand for the Company's products and services,
risks associated with the integration of acquisitions and other
investments, and other factors discussed in the "Forward-looking
Information" section in the management's discussion and analysis
included at Part II, Item 7 in the Company's annual report on
Form 10-K for the year ended December 31, 1998, and in the "Year
2000 Information" section in the management's discussion and analysis
included at Part I, Item 2 in the Company's report on Form 10-Q
for the third quarter of 1999.
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