The platform will allow North Dallas Bank to process images of personal and business checks faster and with higher accuracy than with visual inspection. It will also enable North Dallas Bank to lower the dollar amount threshold for checks to be verified and examine checks written for lower values, resulting in increased throughput and reduced exposure to fraud.
The Parascript check stock validation engine verifies the check layout with all preprinted objects and compares it to reference check stock images. The Parascript automated signature verification engine will compare the signature on a check to multiple reference signatures. Advanced Software Design’s (ASD) image and data analysis workflow uses multiple fraud filters to analyze suspicious items and advanced analytics to reduce false positives, improve productivity and enhance the user experience.
Gregory Niemeyer, executive vice president of North Dallas Bank, said: The integrated fraud detection solution from ASD and Parascript has proven invaluable in our fight against payment fraud. We have decreased fraud losses by an outstanding 92% in the past 12 months and are now inspecting low- dollar fraud items that were previously not reviewed.
The time devoted to fraud detection and exception handling decreased from four hours to less than one and we were able to get a return on investment in less than a year, much faster than originally planned.
