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Fraud Prevention

Detect and Prevent Fraud in Real-time using Parascript Software

Fraud Prevention

Parascript fraud prevention solutions help identify and prevent fraud for financial institutions regardless of channel, such as remote deposit, teller, Web, ATM, or mobile device. The solutions detect counterfeit documents, signature forgery, 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 automated fraud solutions can be deployed in both front or back office environments and enable financial institutions to identify more suspect transactions in much less time, inspect all transactions rather than just high value amounts,  and reduce false positives through improved accuracy rates.

check recognition

Combats Counterfeit

Combats counterfeit through meticulous verification of all major pre-printed elements on business and personal checks and IRDs, including headers, check number, date, payee, dollar amount, dollar sign, memo, payor block and payor 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, financial institutions immediately identify the slightest variation on a given check or remote deposit.


Protects and Verifies Signatures

  • Protects against signature forgery. By using multiple verifiers, Parascript software evaluates dozens of signature characteristics to differentiate between natural irregularities and true variances that are fraud indicators.  It identifies missing signatures and supports business rules such as dual signature requirements for checks and remote deposits above specified amounts.
  • Provides effective, accurate results 24/7.  Detects characteristics of a signature that are indistinguishable to the human eye for high fraud detection accuracy rates. Analyzes typical signature features such as comparison of geometric shapes, fragments, and trajectories.  When used for online verification, it analyzes pressure, speed and tension. Multiple software engines work together to produce reliable verification output. Human verification is limited by shortcomings that include level of expertise, fatigue, mood and working conditions with diminished accuracy over time, making more mistakes at the end of a day or shift than at the beginning. Automated signature verification can verify much faster, work 24/7 and produce consistent results at a much lower cost.

Helps Fight Fraud Online

Parascript auto-verifies and auto-detects signature discrepancies through online applications to help businesses and organizations fight signature fraud.  The software is highly effective for fraud prevention and is used for workflow automation, document management, and for electronic transactions in banking, financial, health care, retail, government and other sectors.



How Parascript Verifies Content

Parascript accesses reference signatures and additional account information from the database to process transactions in real-time or batch mode and flag potentially fraudulent items so that financial institutions can easily:

  • Identify 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.
  • Prevent duplication. Helps prevent duplicate check presentment by collecting data from the check and enable verification against deposited items.
  • Validate payee match. Offers an automatic solution that reads both machine printed and handwritten payee data. This is an extra layer of protection since it compares payee information from checks and remote deposits to payee information in the customer-issued file.  This further data validation contributes to reduce fraud.