Developed in collaboration with six of the leading banks in the U.S., Kofax FraudOne® empowers its users to detect check fraud in real time and from “Day 1” and “Day 2” transactions. In an era when 82% of surveyed organizations say checks are the primary fraud target in their business1, Kofax FraudOne is an image-based, fraud detection solution whose time has come.
As financial institutions offer ever-evolving transaction options (e.g., remote deposit via a mobile device), criminals continue to devise more sophisticated and hard-to-detect fraud methods. Kofax FraudOne combats this and minimizes exposure with flexible fraud detection available at the point of capture and in-clearing. The speed and accuracy with which Kofax FraudOne flags potential fraud helps you enhance the customer experience without increasing your fraud exposure.
How Kofax FraudOne Works
Kofax FraudOne leverages a powerful database that stores reference signatures and check stock, as well as additional account information. Check items can be processed through Kofax FraudOne in real-time or batch mode to flag potentially fraudulent items. Pay/no-pay decisions are based on scoring criteria set by the bank (as well as other factors) and powered by our unique Combined Risk Score (CRS) engine.
Combined Risk Score Engine
Focusing solely on the signature or the check stock isn’t enough to catch increasingly savvy criminals. Kofax FraudOne’s CRS engine leverages a number of characteristics, to help more accurately identify a fraudulent check.
Verification of "On-Us" Checks
The CRS engine considers a number of weighted factors and leverages information from external systems in order to make an intelligent decision, including comparing the check signature to the reference signature on file. In addition, FraudOne identifies discrepancies in the check stock, determines whether or not an item is a pre-authorized draft (PAD) and verifies whether the payee is on a bank-specified white or black list.
If a check is deemed fraudulent, the item is placed into a visual verification queue for review by the bank’s fraud analysts. Analysts access the queue through the fraud analyst workstation—a client software application that enables access to the back office system via a thin web browser or locally installed client application.
1 2014 AFP Payments Fraud and Control Survey