Mitek Systems Reveals Innovative FraudProtect System

Thursday 18 November 2004 14:30 CET | News

Mitek Systems has launched FraudProtect System, an automatic, innovative, image-based solution that helps community and mid-sized banks to quickly and effectively combat the two most common forms of check fraud, signature forgery and counterfeit checks.

According to the ABA, forgeries, counterfeits and altered checks together, account for nearly forty percent of all check frauds reported in the U.S. In the post Check 21 image-exchange environment, accurate manual detection of check forgery will become extremely difficult. Upon truncation of the paper check, review of physical security features such as micro-printing and ultraviolet features will no longer be possible. Miteks FraudProtect System is image-based, hence it has the ability to detect all kinds of fraudulent features within check images. Relying on patent-pending technology, FraudProtect System enables an institution to make timely pay or no pay decisions. The system can automatically catch as much as 90 percent of counterfeit checks and signature forgeries without relying on signature cards, significantly reducing a banks check fraud losses. Using FraudProtect System, financial institutions have the capability to analyze two to four checks per second or more than 8000 checks an hour using a single PC. The system has currently been deployed with Harlands CheckQuest system and is designed to easily integrate with any item processing or imaging system at a bank. Installation and user training can be completed as quickly as 24 hours.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce