Mitek touts cheque fraud detection system
18 November 2005 | 2486 views | 0
Source: Mitek Systems
Mitek Systems, Inc. (BULLETIN BOARD: MITK), a leading provider of image analytics and intelligent character recognition software, today announced that FraudProtect System, its recently released premier check fraud detection solution specially designed for community and mid sized banks is now being used by 10 such banks.
According to the ABA 2004 Check Fraud Report, signature forgeries and counterfeit checks account for close to 40% of all check fraud. Based on the same Mitek technology currently being deployed by money center banks, FraudProtect System allows banks to use the power of their Check 21 imaging systems to screen all of their checks including IRDs and demand drafts for forged signatures, alterations and counterfeiting. The image-based software solution pulls check images from a bank's check processing system, applies more than 200 authenticating tests, and then routes suspected fraudulent items for fast and accurate "pay" or "no pay" decisions. Banks are able to screen 100% of their on-us checks during Day 1 and 2 processing, helping them avoid losses from in accurate posting by the midnight Day 2 processing deadline.
"Our bank has been using the FraudProtect System for over a year and the system has caught over $150,000 of attempted check fraud in the first 8 months of 2005. By preventing fraud, we are also providing better service to our customers. It paid for itself in 2 months of use," said Operations Manager for a community bank based out of Lynnwood, WA. Banks that are using the system are finding fraud that was not detected either by them or their customers.
The FraudProtect System can be easily integrated into item processing systems from vendors such as AFS (a Metavante company), Bankware (a Fidelity Information Services company), Harland Financial Solutions, Wausau, and any
X9.37 complaint application. "We chose Mitek's FraudProtect System for its impact and for the simplicity of installation and use. We use Bankware's ImageCentre item processing system. Mitek integrated the FraudProtect System and trained our fraud analysts in 48 hours," said Senior VP of Sterling Bank of New York City, NY.
Our customers benefit from the capabilities of the FraudProtect System to detect fraudulent cashiers checks. The FraudProtect System is a complementary solution to their existing transaction analysis software.