The Electronic Payments Network, a private-sector automated clearing house, has an online demo showing how an institution can scan transactions for possible terrorists based on those free, public, and error-ridden text files.
Now Ali Husseins across America can rest assured that their financial interests are held secure.
The product works in three easy steps:
Step 1: Upload the delimited text file of your bank’s transactions
Step 2: Browse Results for anything that looks “Bin Ladeny”
Step 3: Deny Funds
Step 4: Profit!!!
— BEN POPKEN