Conix Systems Inc., a provider of payment processing solutions, has introduced image analytics to enhance its fraud and duplicate detection solutions. The new feature enables financial institutions to further mitigate risk exposure in their payment processing operations.
"In an environment increasingly comprised of electronic and image payments received from multiple channels, banks are encountering mounting incidents of fraud and duplicate payments," said Conix CEO Mike Charles. "Conix Image Analytics offers banks day-one detection solutions that scan check images in order to identify and streamline the resolution of suspect payments."
Image analytics expands Fraud Detective's day-one detection capabilities to include key indicators of counterfeit, forged, or altered documents, including:
- Check stock validation
- Signature verification
- Different convenience and legal amounts
- Payee matching
- Pre-authorized draft detection
- Serial number validation
Dupe Detective automatically eliminates the most common source of false suspects: re-presentment of returned items. Image analytics further automates duplicate processing by comparing the images of the remaining suspects. Those with identical images are immediately confirmed as duplicates. The ability to bypass further processing and/or manual review of these payments significantly reduces resource requirements.
"Banks are continually challenged to address the broad risk exposure posed by branch capture, RDC, and mobile deposits," said Charles. "One of the main issues with detection of invalid payments is having the controls tripped by valid ones. Too often, this requires manual intervention to review and release a legitimate payment for clearing. Based on diligent conversations with our customers and industry partners, it's clear to us that we must incorporate an arsenal of methods for effectively managing false suspects in our solutions."
For more on this topic, visit the deposits/Check 21 research center.