Automatic systems for signature verification can successfully rely on a shared image archive and improve customer service and satisfaction by enabling banks and retailers to proactively inform customers of potential fraud. Similarly, check stock verification software can be used in a shared image archive environment to protect financial institutions against the fastest-growing source of fraudulent activity surrounding checks today, responsible for 28 percent of all check-related losses in banks - counterfeit checks.
Parascript Expands Fraud Detection Capabilities with Check Stock Verification Software
The American Bankers Association reports that attempted check fraud in banks nationwide surpassed $4.3 billion in 2002, and continues to be a major concern as criminals gain access to more sophisticated equipment and develop new tactics to attack institutions with weak defenses. This newest addition to Parascript’s anti-fraud product suite will help banks and financial institutions automatically detect suspect checks passing through the system. The full suite of products will address altered and counterfeit checks as well as random and skilled forgery.
“Parascript is committed to applying our advanced pattern recognition technology to all facets of the growing problem of check fraud,” said Mike Fenton, Parascript’s vice president of Total Recognition Solutions. “First with CheckPlus® andSignatureXpert®, and now with CheckStockXpert, Parascript is setting the pace for enhancing and streamlining fraud detection. As we have in the past, we will continue to advance our technology to combat any and all fraudulent activity against financial institutions, retailers and their customers.”
CheckStockXpert uses advanced pattern recognition to verify the full image of a check as well as preprinted objects on a check including headers of check number, date, payee, dollar amount, dollar sign, memo, payor block and payor bank field. This software scrutinizes the placement of each item and its relative distances between pairs of blocks, allowing banks to immediately identify even the slightest variations of a check. Multiplemethods of verification—including quantitative analysis, pattern recognition, analytical and geometrical analysis and neural networks—further increase accuracy. Asa result, banks and financial institutions can automatically detect copies or imitations of checks passing through the system.
Parascript’s three-pronged defense puts a stop to even the most sophisticated check-writing criminals.
CheckPlus, Parascript’s hallmark check recognition software, already used by leading financial institutions captures multiple fields on a check, including payee line, check number, dollar amount and date. Having this key information helps enhance positive pay or other fraud detection applications. Parascript’s signature verification software, SignatureXpert, uses the most advanced pattern recognition technology to detect random and skilled signature forgery. These two software products combined with CheckStockXpert help banks and financial institutions build a solid defense against all types of fraud.
Parascript’s suite of anti-fraud products is immediately available. More information is available at www.parascript.com.
About Parascript, LLC
Parascript’s Total Recognition® technology converts paper-based information into computer-usable data. It is the first complete technology that recognizes all character types — cursive, handprint and machine print — on all forms. Its unique capabilities allow organizations using forms to capture customer information to dramatically reduce their data entry expenses. With Total Recognition technology, companies can turn handwritten and print data, including legacy data, into electronic information that can be used to power web-based offerings and other marketing initiatives. Total Recognition technology is available via a number of channels: as software development kits, through Parascript’s on-line services, through onsite custom solutions, and from Parascript’s partners.