Check and Signature Fraud Prevention – Challenges and Resolutions Conclusion Check 21 legislation and advancements in check imaging pose new challenges, particularly in the fraud prevention and fraud detection area. Recognition technology presents effective means for financial institutions to maintain the highest level of account security. Another important benefit brought by automatic check recognition is that fraud filters can be applied not only at the back office, but at the front office. For example, positive pay can be integrated into the financial institution’s branch system to detect fraud at the teller window or platform. When positive pay is extended from the back room to the branch, a check presented for cash at the branch mitigates fraud even further by using the payee information available to the teller at the branch. The teller can compare not only the amount and check number, but also the payee on the check against the payee information in the issue file to make a pay / no-pay decision on the spot. Similarly, on-us checks can be screened against electronic signature files and by check stock verification filter tools at the teller window and at the retailer’s point-of-sale or the accounts receivable department of a company. There is an arsenal of reliable and cost-effective automated tools that can effectively prevent and detect check fraud. Financial institutions using these technologies show that the benefits are numerous and include timely fraud prevention, the mitigation of fraud losses, protection of the bank’s assets and improved customer loyalty. About Parascript Parascript is a leading developer of intelligent document recognition (IDR) solutions. Drawing from a long history of cursive and handprint recognition, Parascript’s high-value solutions are powered by software that is always learning — constantly maximizing the user’s return on investment. Parascript enables business automation in forms processing, postal and finan- cial automation, and fraud prevention, and supports cancer screening in medical imaging. Fortune 500 companies, postal operators (including the U.S. Postal Service), major government and financial institutions rely on Parascript software, which is distributed through its OEM and value added reseller networks, including partners such as: IBM, EMC, Bell and Howell, Fiserv, Selex Elsag, Lockheed Martin, NCR, Siemens, and Burroughs. Visit Parascript online at http://www.parascript.com. 6273 Monarch Park Place, Longmont, CO 80503 USA | parascript.com T: 303.381.3100 toll free: 888.225.0169 9 | F: 303.381.3101 [email protected] ©2013 Parascript, LLC. All rights reserved.