Parascript Announces New Release of its Award Winning Signature Verification Software to Prevent Check and Payment Fraud

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SignatureXpert offers banking industry improved signature verification accuracy, capitalizes on award-winning technology

“We are proud to see our award-winning technology continuously improve the fraud detection capabilities particularly in the banking and financial services industry resulting in better customer protection, retention, and satisfaction."

Parascript, LLC, the image analysis and pattern recognition technology provider, today announced the release of a new version of SignatureXpert, its image-based signature verification technology. The new version of the software offers significant improvements on complex European-style signatures, which typically contain very little data for analysis as they are condensed and encrypted (unlike signatures that spell out the name of the signer), making them harder to verify. This new version of SignatureXpert also offers signature verification accuracy improvements in recognizing signatures where there is a single signer involved.

“We are proud to see our award-winning technology continuously improve the fraud detection capabilities particularly in the banking and financial services industry resulting in better customer protection, retention, and satisfaction,” said Mike Fenton, vice president for sales and operations for Parascript. “With this latest release of SignatureXpert, we are making even greater steps forward in helping banks and financial institutions in their fight against check fraud.”

In the United States, 26 percent of all check fraud is committed through signature forgery. With more than 27 billion checks written each year in the U. S., it is cost prohibitive to visually compare signatures on the hundreds of millions of checks processed daily. SignatureXpert detects signature presence and verifies signatures on checks, vote-by-mail ballots and other documents, to reveal all types of signature fraud, including random and skilled forgery. The technology leverages artificial intelligence and exploits the most comprehensive and advanced methods in the art of signature verification available. Automatic comparison is executed by a powerful combination of verifiers. In particular, the technology combines a human-like holistic analysis of signature segmentation with a subsequent analysis of the signature elements and characteristics.

SignatureXpert has been used to detect forgeries on financial documents and mail-in ballots in Brazil, Russia, United Arab Emirates, United Kingdom, the United States and Zimbabwe, among other countries.

The technology recently was awarded best performance for forensic signature verification at the 12th International Conference on Frontiers in Handwriting Recognition held in Kolkata, India in November 2010. Parascript’s biometric signature verification software was also awarded best performance for online signature verification in July 2009 at the 10th International Conference on Document Analysis and Recognition (ICDR) in Barcelona, Spain.

About Parascript, LLC
The Parascript image analysis suite extracts meaningful information from images. Employing patented digital image analysis and pattern recognition technologies, the Parascript image analysis suite improves decision quality in medical imaging, postal and payment automation, fraud detection, and forms processing operations. Parascript software processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government, and financial institutions rely on Parascript products. Organizations include the U.S. Postal Service, Böwe Bell + Howell, Fiserv, Elsag, Lockheed Martin, NCR, Siemens, and Burroughs. Parascript is online at http://www.parascript.com.

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