Integrated Bank Technology (IBT), a company that provides technology solutions to help manage customer relationships at community financial institutions across the country, has launched Integrated Fraud Detection.
The rules-based fraud detection system is a customizable application that allows users to become more efficient in detecting and preventing fraud before it happens.
Integrated Fraud Detection lets users monitor transactions for suspicious behavior, analyze data to identify new patterns, refine fraud alert systems and manage potential fraud cases through notification of the authorities. The solution includes a series of modules that can each be customized, allowing users to tailor Integrated Fraud Detection to address their specific needs. For example, the Signature Verification module verifies all personal and business checks against known reference signatures to identify forgeries.
"The goal of IBT is to create technology solutions that address the needs of financial institutions and enable them to provide better services and products to their customers," Mark Dittman, president of IBT, explained. "Fraud is rampant in today's banking environment. Nearly 80 percent of financial institutions are affected by fraud each year and deploying Integrated Fraud Detection allows them to protect their businesses and their customers."
Mount Pleasant, Texas-based Guaranty Bond Bank began using Integrated Fraud Detection because it wanted to integrate the IBT Check 21 imaging solution that it was currently using with a more robust fraud review. As a result, Guaranty Bond Bank worked with IBT to implement the solution and create the parameters that the bank needed to effectively verify checks. The bank is also able to change the solution's parameters as new fraud issues arise.
"Integrated Fraud Detection enables us to establish a set of parameters based on things such as dollar amount, check numbers and the wrong signature count," Cappy Payne, CFO at Guaranty Bond Bank, said. "All of the checks that fall outside of the bank's designated parameters are flagged and compiled in a report each day. This allows our staff to go through the report and refer back to the electronic image of each flagged check to determine if it is in fact a case of fraud."
Guaranty Bond Bank's goal is to promote new checking accounts in order to increase its customer base. Integrated Fraud Detection allows it to make existing and potential customers feel more comfortable because the bank is taking the necessary precautions to protect their accounts.
"This is a very effective fraud review process," Payne added. "It has saved the bank money by being able to catch the fraud attempts that people try to slip through the system. And we were able to accomplish all of this in a way that worked best with Guaranty Bond Bank's business processes."