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Fraud Prevention, KYC, KYB, and Compliance
Fraud Prevention in Real-time: Challenges and Resolutions
Checks remain a primary means of fulfilling financial obligations. Technological advances coupled with increased availability at decreased costs have enabled criminals to engage in illegal and/or deceptive practices that include signature forgery, counterfeit checks and physical alteration of paper checks. However, organizations can benefit from a variety of efficient fraud prevention solutions that are cost effective for both large banks and smaller organizations.
Since check fraud results in huge losses, there is the increasing the need to pursue improved check fraud detection methods, including signature verification, check stock verification, courtesy amount/ legal amount (CAR/LAR) mismatch detection, and payee match positive pay. This white paper focuses on Fraud Prevention for checks and signatures delving into the challenges and the resolutions.
Parascript Fraud Prevention Technologies
Fraud Prevention
Detects counterfeit documents, signature forgery, content alteration, duplicate presentment and payee match discrepancies in real-time.
Signature Verification
Enables banking automation for customer onboarding, loan applications, check processing, fraud prevention and more.
Dynamic Classification
Automatically classifies checks in mixed streams, extracts and verifies the data, enabling real-time deposits from anywhere.
SignatureXpert.AI by Parascript
Parascript SignatureXpert combines multiple verifiers to analyze dozens of signature features and can use multiple references to differentiate between natural anomalies and true irregularities that indicate fraud:
- Assesses signature genuineness and draws conclusions about probable fraud type using confidence scores.
- Delivers universal authentication in a single stream, supporting American-style and European-style signatures.
🗸 Payee Match Analysis
Matches payee information, whether text or handwritten, to known payee lists
🗸 Dynamic Signature Matching
Matches signatures to AML blacklists
🗸 Reliable Signature Verification
Determines genuine signatures from forgeries
🗸 Checkstock Analysis
Analyzes over 12 different attributes of checks to determine whether the check is counterfeit