Fraud Detection Software for Banks

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.

Parascript solutions provide support for Regulation CC changes that involve indemnification of depository banks from checks that originally were received via remote deposit, including mobile deposit. Regulation CC places the risk of multiple deposits of the same check on the institution, which accepts the item via Remote Deposit Capture (RDC).

With Parascript technology solutions, banks providing remote deposit services automatically detect and process the restrictive endorsement information necessary to reduce the chance of multiple deposit fraud and remove liability. If the restrictive endorsement is not detected or if it is not consistent with bank requirements, the check can be immediately rejected. Since Parascript technology locates and recognizes both handprinted and machine-printed data, you have the flexibility to select any restrictive endorsement that you want and reduce customer impact.

Parascript auto-verifies and auto-detects signature discrepancies through online applications to help businesses and organizations fight signature fraud. When used for online verification, it analyzes pressure, speed and tension. 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.

For applications that require an extra level of protection for checks, Parascript technology supports the core needs of payee match/positive pay by locating and extracting the payee name and verifying it. 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 helps to significantly reduce fraud.

Parascript’s machine learning software also plays a pivotal role in automating Know Your Customer (KYC) processes, reinforcing compliance measures for financial institutions. Our software excels in detecting counterfeit documents, signature forgery, content alteration, duplicate presentment, CAR/LAR discrepancies, and payee mismatches. This robust automation not only minimizes financial losses and safeguards assets but also enhances customer service and loyalty. Parascript’s flexible automation solutions cater to both front and back-office environments, enabling banks to achieve comprehensive automation at reduced operational costs.

As regulations expand, it falls on the bank to comply but not at the cost of customer experience or the safety of assets. Parascript’s software operates seamlessly in the background, supporting existing bank solutions and enhancing compliance efforts across multiple channels such as remote deposit, teller transactions, web banking, ATMs, and mobile devices.