With the increased popularity of mobile deposits, the need to verify check images in real-time is becoming critical and a top-of-mind requirement to achieve their goals.
Las Vegas, NV (PRWEB) March 10, 2014
SOFTPRO will demo its instant check fraud detection software, FraudOne, at BAI Payments Connect in Las Vegas, NV from March 10-12, 2014, booth 502. The ability to detect fraudulent checks in real-time is becoming more important as consumers increasingly use mobile check deposits. According to an Aite Group LLC research report: By 2016, 47.5 million US consumers will use remote deposit capture, a significant increase from 11.8 million in 2012.
“Financial institutions are driving to prevent fraud at the point of transaction and at the same time make funds available sooner,” explains Rodney G. Vesling, President of SOFTPRO North America. “With the increased popularity of mobile deposits, the need to verify check images in real-time is becoming critical and a top-of-mind requirement to achieve their goals.”
According to the same Aite Group LLC research, 7,000 financial institutions in the US offer mobile banking to their retail customers. While the most popular mobile banking applications are checking account balances, receiving account alerts, and viewing statements, the use of smartphones for remote check deposits is gaining in popularity.
“From 2012 to 2016, the number of US consumers using a mobile device for mobile banking applications will grow by a compounded annual growth rate of 32%,” explains Ron Shevlin, Senior Analyst with Aite Group LLC. “The increased use of mobile banking will negatively impact the number of consumers who use their branch or ATM to make deposits.”
FraudOne is an image-based, check fraud detection software, developed in collaboration with six leading US banks. With FraudOne, financial institutions can detect in real-time if a check is fraudulent or requires investigation prior to making payment. The automatic check fraud detection can be used for mobile, ATM or teller deposits of in-house checks. FraudOne also supports Day 1 and Day 2 back-office transactions.
The key to FraudOne’s reliable results is its decisioning technology – the Combined Risk Score (CRS) engine. The CRS takes into account a number of factors in order to determine if a check should be processed or investigated further. The false positive results are therefore minimized and analysts can focus on fraudulent transactions.
Founded in 1983, SOFTPRO is the most experienced signature management company. The company’s SignDoc Esignature Software Suite supports handwritten esignatures captured with any device including tablets and smartphones as well as offers a secure click-to-sign esignature solution. In addition, SignDoc compliments SOFTPRO’s check fraud prevention solution, FraudOne, for managing signature references and automated check fraud detection. The products are used in 50 countries and 12 of the world’s 25 largest banks trust SOFTPRO.