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A Holistic Approach to Reducing Check Fraud and Identity Theft
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Due to legislative changes, and the increasing sophistication of fraud criminals, the banking industry has an acute need for next-generation fraud solutions. In particular, check fraud and identity theft related losses are costing the banking industry billions of dollars every year. An architecture for effectively reducing check fraud losses while simultaneously reducing internal paper processing costs is presented. The architecture is based on both back, and front office components. The back office components provide a cost-effective way of identifying check fraud by combining multiple image processing and transaction based components within a single framework thus avoiding expensive and complex integration effort. The front office components take advantage of legislation that allows the capture of electronic signatures within documents such as account opening formas and other contracts for enabling paper-free processes while simultaneously providing the ability to uniquely identify customers based on a non-intrusive biometric signature.
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