SOFTPRO is providing financial institutions with the ability to instantly detect fraudulent checks in addition to its traditional Day 2 batch processing.
Westlake Village, CA (PRWEB) March 11, 2013
SOFTPRO N.A. executives will be on hand at BAI Payment Connect Conference and Expo 2013, Booth 319, to discuss the benefits of implementing a signature verification solution to reduce the payment of fraudulent checks. In addition to demoing its FraudOne software, SOFTPRO will also explain the advantages of using the solution in conjunction with the company’s electronic signature software to create a comprehensive and secure signature management solution.
“It’s increasingly easy for customers to deposit checks remotely,” explains Rodney G. Vesling, President and General Manager for Softpro N.A. “SOFTPRO is providing financial institutions with the ability to instantly detect fraudulent checks in addition to its traditional Day 2 batch processing.”
SOFTPRO’s customers have been able to achieve results such as:
- Intercepting more fraudulent checks in the first week of production than in the entire previous year.
- Reducing false positive ratio from 2000:1 to 90:1
- Cutting down the workload of fraud analysts from 10-40%
FraudOne is SOFTPRO’s check signature verification software. With FraudOne, banks can detect fraud in a lights-out process for in clearing as well as when a check is deposited at the teller, an ATM, or using a personal mobile device like a smartphone or iPad.
At the heart of FraudOne is SOFTPRO’s Automated Signature Verification (ASV) engine utilizing patented neural net technology. The ASV looks at the relationships between the signature strokes and loops, enabling FraudOne to detect fraud even with a partial signature.
The ASV output, along with results from SOFTPRO’s check stock verification and other recognition engines, is fed into FraudOne’s decisioning technology known as the Combined Risk Score (CRS) module. The CRS takes into account a number of factors in order to determine if a check should be processed or investigated further. By combining data from a variety of engines, including external bank systems, and allowing the bank to set the rules and weightings, the false positives are minimized and analysts can focus their attention on more suspicious 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.