Oklahoma-based Advanced Financial Solutions has launched an image-based cheque fraud detection system built for the Internet, AFS eVision Positive Pay.
The new system enables a bank and its customer to securely collaborate over the Internet to detect cheque fraud by identifying items presented for payment that the customer did not issue. Any item that is presented for payment that does not match a corresponding item in the customer-issued cheque record is flagged as an exception and referred to the customer for a pay/no pay decision.
Potential cheque fraud problems include cheques with altered amounts or altered payee lines, stolen or counterfeit cheques, voided cheques presented for payment, and cheques with duplicate serial numbers.
Jeff Vetterick, vice president of marketing at AFS, says: "Cheque fraud detection is a critical function but often laborious and time-consuming on bank employees. Integrated with the AFS ImageVision image processing system, the new AFS eVision Positive Pay fraud detection system eliminates the inefficiencies and errors associated with standard non-image-paper-based positive pay systems."