News

New software enables real-time check verification

March 12, 2012

Banks can now verify checks in real-time using FraudOne software from SoftPro, the company announced today. The program's Day 0 deployment option can prevent fraudulent deposits from being cashed via ATM, mobile device or bank teller, the company said.

FraudOne’s Combined Risk Score engine evaluates a number of factors — including comparison of the signature on the check with a reference signature on file — to determine whether a check should be processed. The software also offers “Day One” and “Day Two” deployment options.

In addition to signature comparison, the software considers data from other fraud engines and external bank systems. By weighing several results and allowing the bank to set weighting, the program minimizes false positives and lets analysts focus their attention on suspect transactions.

“By using FraudOne in a Day 0 setting, banks can offer their customers the ability to deposit checks wherever and whenever it’s convenient, while mitigating their exposure to fraud," explains Rodney G. Vesling, president and general manager for Softpro NA.

For more on this topic, visit our deposits/check 21 research center.