ParaScript upgrades check fraud detection features

The newly introduced capability detects, reads, and interprets handwritten or stamped text on the back of checks, allowing financial institutions to move away from physical inspection as they adopt mobile deposit channels.

Optimising check recognition through technology

The endorsement reading feature ensures that checks are deposited through authorised channels and minimises the risk of fraud, including duplicate deposits and unauthorised third-party endorsements. Additionally, ParaScript’s new feature identifies ‘For mobile deposit only’ or ‘Deposit only to account of payee’, underlining restrictions or conditions for processing. The system flags any endorsement that is either missing, suspicious, or authorised, offering a confidence score for each result. ParaScript’s technology automatically finds the orientation of the check, locates the endorsement area, and reads any text present, matching it against a customisable list of authorised phrases.

Besides endorsement detection, the new release of CheckXpert.AI rolls out a range of other improvements, including document type detection, optimal money order amount reading, the ability to leverage custom vocabulary support for memo field reading, and individual legal amount recognition.

Furthermore, commenting on the move, representatives from ParaScript underlined that, considering that financial institutions face challenges in managing fraud schemes, they require tools that provide accuracy and automation to stop fraud before it negatively impacts customers and leads to financial losses. With its latest check fraud prevention capabilities, ParaScript aims to equip financial institutions with more reliable and efficient ways to detect check fraud and augment how they handle checks in the digital world.

ParaScript’s offering also includes solutions personalised to meet the needs of specific industries, including banking and finance, mail processing and postal, service providers and BPOs, and government agencies, among others. For the banking and finance sector, the company delivers a range of document automation solutions, while also supporting compliance and risk management through the automation of complex document analysis.