Strategic White Paper

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.

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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.

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Fraud Prevention

Detects counterfeit documents, signature forgery, content alteration, duplicate presentment and payee match discrepancies in real-time.

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Signature Verification

Enables banking automation for customer onboarding, loan applications, check processing, fraud prevention and more.

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Dynamic Classification

Automatically classifies checks in mixed streams, extracts and verifies the data, enabling real-time deposits from anywhere.

Parascript SignatureXpert

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.

  • 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

  • Checkstock Analysis

    Analyzes over 12 different attributes of checks to determine whether the check is counterfeit

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