SQN Banking Systems, a leading provider of integrated fraud detection and process improvement products for the financial industry, announces Los Angeles-based, Center Bank has implemented three SQN products to assist in their fraud prevention efforts including signature verification with SENTRY: Signature, check fraud detection with SENTRY: Detect and centralized exception item processing with SENTRY: Exception.
Center Bank has $1.7 billion in assets, 17 branches, located mostly in Southern California, and 70,000 customers.
Center Bank is using SQN's SENTRY: Signature to display signature and photo ID images for verification at the teller station.
In the Back Office, Center Bank is using SENTRY: Detect to create customer profiles based on their check writing patterns. The system flags any checks that fall outside bank specified parameters for further review. Since implementation three months ago, the bank has been able to detect fraud seven times with the application. SENTRY: Detect has been verified by banks to detect up to 84 percent of users' on-us check fraud.
"The Detect module gives us a lot of additional information," said Jong Choi, executive vice president and chief operating officer for Center Bank. "For example, SENTRY: Detect will alert you if a check is presented out of sequence, or if the amount is out of volume range. It will also alert you if a check is presented with a duplicate serial number. The Detect module logically performs check examination and verification."
Choi continued, "If we get alerted for any reason, we will call our customer to determine whether it is an authorized check. By doing this, we have found a number of items that were forged or were counterfeit. The use of this technology protects not only the bank, but the customer as well."
Center Bank also employs SQNs SENTRY: Exception, which centralizes workflow by importing data on all exceptions from multiple sources, thereby speeding up pay/no pay decision making in the Back Office. "Now our staff can view both check images and signature card information on the same screen along with the information from the Detect module. So, a user now can simultaneously refer to various information when making a decision as to whether to process a check or not," said Choi.
"In the past, a user had to look at various systems to get the information he or she needed, but now the SQN SENTRY: Exception screen is a consolidated, integrated platform screen which provides all the information necessary to make the decision to pay," said Choi.
SQN helped Center Bank customize the fraud detection systems to their specific needs. "It has really streamlined the entire process for us," said Choi. "SQN's technology saves us a lot of time and provides us with useful information to prevent fraud from happening."