US-based financial crime prevention company Featurespace has teamed up with fraud detection software provider OrboGraph to help financial institutions prevent check fraud.
Under the partnership, the two companies will integrate their fraud-detection services to improve the accuracy and efficiency of identifying and preventing fraudulent check activities.
OrboGraph will combine its advanced image forensics and pattern recognition capabilities with Featurespace’s widely used payments fraud detection and risk management platform.
The integrated technologies will improve the detection of both deposit and ‘on-us’ fraud, which involves a check or transaction processed by the same bank.
They will provide financial institutions with a single solution to enhance the detection of check frauds and reduce false positives, boosting operational efficiency and customer experience.
OrboGraph CEO Barry Cohen said: “Check fraud is a growing and concerning area of financial crime – we know banks and financial institutions are experiencing a rise in reports and are in need of more advanced tools that can tackle the issue.
“Combining our expertise with Featurespace will enable us to deliver a more robust and comprehensive fraud detection solution, helping financial institutions to stay ahead of increasingly sophisticated check fraud schemes.”
According to the Financial Crimes Enforcement Network (FinCEN), check fraud is more prevalent than other types of fraud, accounting for more than one-third of all fraud at depository institutions last year.
OrboGraph is a developer and supplier of recognition solutions, payment negotiability, and check fraud detection for the check processing market.
Its technology is being used by nearly 4,000 financial institutions, service bureaus, and clearinghouses, to process billions of checks and payments each year, said OrboGraph.
Featurespace provides enterprise technology that prevents fraud and financial crime to help banks and financial institutions protect customers and reduce risk and business operating costs.
It offers advanced machine-learning solutions for the prevention of financial crime.
Featurespace Americas president Carolyn Homberger said: “Partnering with OrboGraph is a significant step forward in our mission to provide the most effective fraud and financial crime prevention solutions to our North American clients.
“OrboGraph’s expertise in check fraud detection perfectly complements our expertise, and together, we can offer a powerful tool that seamlessly integrates check image display functionality and common check risk data sources.”
