Parascript check fraud prevention solutions help identify and prevent check fraud for banks and financial institutions at the teller, ATM, RDC, and inter-bank. The solutions detect counterfeit checks, signature forgery, check content alteration, duplicate presentment and payee match discrepancies. Timely fraud prevention is key to mitigate losses, protect assets and improve customer service and loyalty. Parascript’s automated check fraud solutions enable banks to identify more suspect checks in much less time for higher productivity; inspect all checks rather than just high value amounts; improve accuracy rates; and be used for both back and front office applications.

Counterfeit Checks

Combats counterfeit checks through meticulous verification of all major preprinted elements on business and personal bank checks and IRDs, including headers, check number, date, payee, dollar amount, dollar sign, memo, payor block and payor bank field. Complete analysis is performed by a combination of multiple forgery detection algorithms that review content, font type, font size, font spacing, the placement of each item and relative distances between pairs of blocks. As a result, banks immediately identify the slightest variation on a given check.

Signature Forgery

Protects against signature forgery by using multiple verifiers that evaluate dozens of signature characteristics to differentiate between natural irregularities and true variances that are fraud indicators.  Identifies missing signatures and supports business rules such as dual signature requirements for checks above specified amounts.

Check Content Alteration

Effective in identifying a discrepancy on a check between the amounts entered in numbers (courtesy amount) and the amount written in the print line (legal amount), known as CAR/LAR mismatch.  It also alerts for alterations in the MICR line, payee name, check date and check number that may be indicative of fraud.

Duplicate Presentment

Helps prevent duplicate check presentment by collecting data from the check and enable verification against deposited items.

Payee Match

Offers an automatic solution that reads both machine printed and handwritten payee data from the check. This is an extra layer of protection since it compares payee information from checks to payee information in the customer-issued file.  This further data validation on business checks contributes to reduce check fraud.