Commerce Bank fights cheque fraud with AFS
11 November 2003 | 3063 views | 0
New Jersey-based Commerce Bank has begun implementing the Fraud Detection Filters and TellerVision applications from Advanced Financial Solutions' (AFS) ImageVision Fraud Detection package across its national branch network.
AFS' Fraud Detection Filters are a set of transaction filters that can be customised to catch specific types of cheque fraud on contact, such as 'new account' or 'counterfeit' cheque fraud. The Fraud Filters analyse payment patterns and identify suspect items.
Roy Spooner, VP/manager of item processing services, Commerce Bank, says the application presents the full transaction set, failure reasons and similar item images for the fraud analyst to review.
The TellerVision application presents staff with on-screen images of customer's signatures which can be compared against those on cheques presented by customers in the branch. The system detects fraudulent cheques as they are presented, which minimises losses and protects customers.
Marilyn Faust, Commerce Bank manager - IP infrastructure group says AFS' software has made the bank's workforce more adept at using imaging technology to fight cheque fraud.
"A significant amount of cheque fraud involves new accounts, both personal and corporate, opened by criminals with the express intent of defrauding the bank. The image-based AFS Fraud Detection software applications have truly helped us identify, detect, and prevent this growing problem," says Faust.
The bank also implemented AFS' Positive Pay and Payee Recognition software across its back office in October 2003. The software will be rolled out across the bank's branch network with the conversion to its new teller system.
The product will allow corporate customers to verify specific cheques issued, as well as perform 'payee matches' for names and amounts before accepting the items for cash or deposit.