The eFraud Solution will provide fraud detection and elimination to many organizations with could not previously afford such technology. Powered by the market leading SDKs from Parascript, the eFraud Solution will detect CAR/LAR mismatches, signature presence, check stock irregularities, account number and signature verifications.
Featuring three modules that may be used independently or as a suite of products in a single stream workflow for complete check fraud processing. StockVerify – provides counterfeit detection which uses a secure filter for detecting even the most sophisticated counterfeit checks. CheckVerify – automates capture and validation of the check courtesy amount and legal amount recognition (CAR/LAR), check number, payee block and MICR lines, verifies signature presence. SignatureVerify – detects signature fraud using signature presence detection and verification capabilities ensure the industry’s highest accuracy rates in detecting random and skilled forgeries.
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.
- 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.
The greatest benefit, eFraud Solution provides timely fraud prevention, which is key to mitigating losses, protecting assets and improving customer service and loyalty.
Accounts Payable/Accounts Receivable Processing
In addition to Check Fraud Detection and Check Processing, we also offer Accounts Receivable and Accounts Payable processing and archiving solutions that enable straight through processing (STP) to help speed payment or collection processes. Using FormXtra Capture to provide technology that allows greater automated read rates from different data types (machine print, handprint, cursive, MICR and more) on many document types. Our solution identifies the exceptions while matching payments to invoices and only passes the discrepancies for review. Those capabilities provide advanced processing that enables faster time-to-cash or ability to take advantage of prompt payment discounts with increased productivity, accuracy and savings over manual processing costs.
Once the detail information and image are captured and processed the are routed to M-files for permanent archive and data re-purposing. M-Files automates accounting-related workflows like routing a purchase order for approval, processing an invoice, receiving a payment and reviewing and filing tax or regulatory documentation. That means you can ensure consistency while M-Files verifies that every step in your business process is followed. M-Files also eliminates the chaos of traditional folders by organizing content based on what it is, so you never have to remember where it’s saved or which version is the right one.