A Better Way to Protect Your Bank from Fraud
FraudProtect Web uses innovative image analytics to help protect banks from the most common forms of check fraud - signature forgery and counterfeit checks.
"Forty percent of check fraud comes from forgeries and counterfeit checks." (Source: ABA 2006)
How Image Based Check Screening Works
Using this innovative application, banks and data centers can effectively analyze many thousands of checks per hour to authenticate them. The solution detects even slight discrepancies in signatures and check stock. In less than one second, a determination of whether a check passes inspection is made and a confidence level is reported with notations for why the check was rejected.
Outsourced Check Processors Benefit from FraudProtect™ Web
Processing centers can take advantage of this web-based architecture to offer check fraud detection services to all existing item processing customers. Banks using Mitek's FraudProtect were up and running quickly and saw significant results in a few weeks.
FraudProtect Web represents a new revenue stream and a competitive advantage for Outsourcing Service Providers.
- 100% check screening increases accuracy and productivity of detecting check forgeries.
- Reduces frustrations of manual screening process.
- Facilitates timely Suspicious Activity Reporting (SAR).
- Works with your existing image processing system.
- Easy to install, implement and scale.
- Built on Mitek ImageNet™ platform.
- Automatic Check Verification: Automatically verifies signatures and check stock without human intervention.
- Flexible System Integration: Integrates easily with all imaging, POD systems and is platform independent.
- Scalable Architecture: The solution utilizes a web services model to distribute work loads to accommodate large volume processing.
- Auditing, Tracking and Reporting: Tracks, audits, and reports on all "on-us" checks presented, with complete job and workflow management.
- Multi-Bank Processing: The system provides secure authentication, and administration through a control panel to enable multiple bank institutions and outsourced processing centers to efficiently track and review fraud threats.
- Check 21 Compliant: Complies with the Check 21 Act, including rules for analyzing and processing Image Replacement Documents (IRD).
FraudProtect™ Web Architecture
FraudProtect™ Process Flow
- Capture: Checks are first captured by a transport and processed through an institution's item processing system. From there, the item processing system creates output files that extract all "on-us" items including the check data (amount), account numbers and the front and rear image files. These files are automatically handed off or imported to FraudProtect Web, which initiates the test validation process.
- Test: Using reference signatures and check stocks for each account, FraudProtect Web compares signature(s) on the incoming current check against signature(s) on the reference. The check stock verification test compares features of the incoming check, such as position of preprinted text, lines and boxes, against the same features on the reference set.
- Review and Decision: A suspect list of items is built for all items that fail to pass a specific signature and check stock security threshold. One or more of the bank's fraud review staff then evaluates the suspect checks. Suspect items are displayed as an image on screen along with the set of reference signatures and check stocks enabling banks to review items in a matter of seconds rather minutes. Bank employees then make a pay, no pay, or defer decision, and can add or replace reference signatures and check stocks or add comments on an account, right from the review screen.
- Report and Action: Senior bank employees, and outsource processing operations managers have everything they need to track all activity on the application. To complete the process, an exception item report is generated to tie into to the exception pull process for the bank or processing center.
FP Web client
- Intel Pentium/AMD-based processor running at 2GHz or faster
- 1 GB of RAM (2 GB Recommended)
- Microsoft Windows XP / Windows 2003 / Windows Vista / Windows 7
- Microsoft Internet Explorer 7.0 or later required
- Graphics card and monitor capable of running at resolution of 1024 x 768 or 1280 x 800 required (resolution of 1024 x 768 recommended)
FP Application Server
- Intel Core Duo /Xeon-based processor running at 2 GHz or AMD Athlon 64 / X2 / Opteron.
- 2 GB of RAM required
- .NET Framework 2.0 installed and configured
- Microsoft Windows 2003 or 2008 Server
FP Web Server
- Intel Core Duo / Xeon based processor running at 2 GHz or faster or AMD Athlon 64 / X2 / Opteron - for all options: dual processor recommended
- At least 2 GB of RAM required
- .NET Framework 2.0 installed and configured required
- Microsoft Internet Information Services (IIS) Server 5.0 or later required
- Microsoft Windows 2003 or 2008 Server
* Specifications subject to change. All product or company names may be trademarks or registered trademarks of their respective holders.
Client/Server installations of FraudProtect™ available upon request.
FraudProtect Web represents a new revenue stream and a competitive advance for Outsourcing Service Providers.