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
Parascript Fraud Prevention SDKs power the compliance and fraud prevention solutions you use today, regardless of channel such as remote deposit, teller, web, ATM or mobile device. Our technologies, which are integrated into core banking applications, detect counterfeit documents, signature forgery, content alteration, duplicate presentment and payee match discrepancies.
Dynamic Signature Matching
Matches signatures to AML blacklists
Reliable Signature Verification
Determines genuine signatures from forgeries
Payee Match Analysis
Matches payee information, whether text or handwritten, to known payee lists
Analyzes over 12 different attributes of checks to determine whether the check is counterfeit