17 October 2017
Find out more

KeyBank uses Falcon to spot dud cheques

29 November 2000  |  1855 views  |  0 KeyBank uses Falcon to spot dud cheques

KeyCorp subsidiary KeyBank is to use Falcon Cheque, a neural network-based fraud detection system from HNC Financial Solutions, to protect its account portfolio from criminal transactions.

Executives from KeyBank selected the system after a successful implementation of HNC's Falcon software in its payment card operations.

According to the National Check Fraud Center in Charleston, cheque fraud and counterfeiting are among the fastest-growing problems affecting the US financial system, producing estimated losses of $10 billion annually. According to a recent report issued by American Banker, losses from cheque fraud are estimated to grow by 2.5 percent annually over the next few years.

Falcon Cheque runs in the bank's cheque processing centre and uses neural networks and HNC's proprietary behavior profiling technology to uncover fraud on all types of cheque transactions, including savings account, ATM, ACH, and online banking. The system can address in-stream, off-line batch, and real-time processing paths, says HNC. When suspect-cheque data is uncovered, it is routed to the bank's existing remedy systems. Falcon Cheque is delivered with an algorithm for bottom-line return optimisation, ranking out-sorted fraud cases in the order of potential dollars saved.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

IBM and US banks form cheque imaging venture

IBM and US banks form cheque imaging venture

02 November 2000  |  4655 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.temenos.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15016 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8255 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7711 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7076 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6262 views comments | 8 tweets | 16 linkedin

Featured job

Find your next job