eFraud Solution by WesTech

Checks still remain the primary the means of fulfilling financial obligations and are therefore the target of fraud. Technological advances coupled with increased availability at decreased costs have enabled criminals to engage in illegal and/or deceptive practices that include signature forgery, counterfeit checks and physical alteration of paper checks. Check fraud results in huge losses increasing the need to pursue improved check fraud detection methods, including signature verification, check stock verification, courtesy amount/legal amount (CAR/LAR) mismatch detection, payee match and others. Organizations can now benefit from a variety of efficient fraud prevention solutions that are cost effective for both large banks and smaller organizations.

The eFraud Solution has joined several discrete and powerful competencies into a unified software solution for check fraud detection. eFraud Solution provides the ability to process business and personal checks. It offers the capability to combine any combination of modules including: check stock verification, check recognition and signature verification into one unified, easy-to-use solution without complex rules or add-ons. eFraud Solution leads the market with a cost effective, highly secured, high speed solution that is built with the latest technology. Modules include:

Human verification is limited by shortcomings that include level of expertise, fatigue, mood and working conditions with diminished accuracy over time, making more mistakes at the end of a day or shift than at the beginning. Automated signature verification can verify much faster, work 24/7 and produce consistent results at a much lower cost.

The eFraud Solution accesses reference signatures and additional account information from the database to process transactions in real-time or batch mode and flag potentially fraudulent items so that financial institutions can easily:

Identify content alteration. Effectively identifying discrepancies on a check between the amounts entered in numbers (courtesy amount) and the amount written in the print line (legal amount), known as CAR/LAR mismatch. It also alerts for alterations in the MICR line, payee name, check date and check number that may be indicative of fraud.

Prevent duplication. Helps prevent duplicate check presentment by collecting data from the check and enable verification against deposited items.

Combat signature forgery. By using multiple verifiers, it evaluates dozens of signature characteristics that are indistinguishable to the human eye. It obtains high fraud detection accuracy rates by analyzing typical signature features such as comparison of geometric shapes, fragments and trajectories that differentiate between natural irregularities and true variances that are fraud indicators.

Timely fraud prevention is key to mitigate losses, protect assets and improve customer service and loyalty. WesTech's eFraud Solution, automated fraud solution, can be deployed in both front or back office environments and enable financial institutions to identify more suspect transactions in much less time, inspect all transactions rather than just high value amounts and reduce false positives through improved accuracy rates.

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