Detect and Prevent Check Fraud in Real Time With an Image-Based Solution
As technology advances, criminals continue to devise more sophisticated and hard-to-detect fraud schemes with 75% of surveyed banks stating that checks are the primary fraud target in their business. Signature verification and/or check stock comparisons are no longer enough for you to catch increasingly savvy criminals.
Developed in collaboration with six of the leading banks in the US, Kofax FraudOne® is a comprehensive check image platform that enables you to detect fraud in real time and on Day 1 and Day 2 transactions.
Unlike simple check clearing alternatives—that only verify legal and courtesy check amount limits with low risk scores and high false positives—the solution’s unique fraud scoring engine can be combined with other verification engines to more accurately detect complex fraud schemes and mitigate your exposure.
Improve Check Fraud Prevention with a Robust Combined Risk Score
Employ a sophisticated fraud scoring engine that can be combined with a number of optional verification engines, resulting in a robust combined risk score for enhanced fraud detection. By considering a number of weighted factors and leveraging information from external systems, you can make intelligent decisions to more accurately identify and prevent fraudulent checks.
Minimize Exposure through Flexible Fraud Detection Methods
Detect anomalies in check signatures and check stock images to reduce your overall fraud risk exposure. Leverage flexible fraud detection methods applicable at the point of capture and in-clearing as your financial institution offers ever-evolving transaction options (e.g., remote deposit via a mobile device).
Reduce Costly Manual Inspections of False Positives
Decrease time-consuming, costly manual inspections of false positives with highly effective distinguishing between real suspect items and good items. Your in-house fraud analysts are only needed when an item is truly suspicious.
FraudOne leverages a powerful database that stores reference signatures and check stock, as well as additional account information, to improve your check fraud prevention methods. Check items can be processed through FraudOne in real time or batch mode to flag potentially fraudulent items. Pay/no-pay decisions are based on scoring criteria set by your bank (as well as other factors) and powered by our unique Combined Risk Score (CRS) engine.
Combined Risk Score Engine
To catch increasingly savvy criminals, you can no longer focus solely on the signature or the check stock. You need a more comprehensive approach. FraudOne’s CRS engine leverages a number of characteristics to help you more accurately identify a fraudulent check.
The CRS engine considers a number of weighted factors and leverages information from external systems 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 your 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.