White Paper Check and Signature Fraud web

Strategic White Paper Check and Signature Fraud Prevention – Challenges and Resolutions Takeaway ■ Checks still remain a primary means of payment and are therefore the target of fraud ■ Check fraud results in huge losses increasing the need to pursue improved check fraud detection methods, including signature verification, check stock verification, courtesy amount/ legal amount (CAR/LAR) mismatch detection, and payee match positive pay, among others Summary Checks still remain the primary the means of fulfilling financial obligations. Technological advances coupled with increased availability at decreased costs have enabled criminals to engage in illegal and/or deceptive practices that include signature forgery, counterfeit checks and physical alteration of paper checks. Organizations can now benefit from a variety of efficient fraud prevention solutions that are cost effective for both large banks and smaller organizations. What’s in this Paper? Check Payment Fraud .............................................................................................. 3 Signature Forgery on Checks ................................................................................... 3 Automatic Signature Verification | How it Works ....................................................... 4 Counterfeit Checks ................................................................................................... 5 Automatic Check Stock Verificaiton | How it Works .................................................. 6 Check Content Alteration ......................................................................................... 7 Courtesy Amount / Legal Amount Mismatch Detection | How it Works ....................7 Payee Match Positive Pay | How it Works ................................................................. 8 Conclusion ................................................................................................................ 9 6273 Monarch Park Place, Longmont, CO 80503 USA | parascript.com T: 303.381.3100 toll free: 888.225.0169 | F: 303.381.3101 [email protected]