Fraud Management & Cybercrime , Fraud Risk Management , Video

New Tools and Integration Are Detecting Check Fraud Faster

Trace Fooshee of Aite-Novarica on Detecting Fraud With Image Analysis Solutions
Trace Fooshee, strategic adviser, Aite-Novarica Group

The false positive rate for detecting check fraud typically is very high because it's such an analog process. To detect fraudulent checks faster, banks need to pair their legacy detection capabilities with image analysis solutions, says Trace Fooshee, strategic adviser with Aite-Novarica Group.

See Also: Breaking Down Silos With a Holistic View of Security, Risk

"Detecting check fraud is really challenging because banks have to differentiate between genuine handwritten documents and falsified handwritten documents," Fooshee says. "It is not something that lends itself easily to automation, and detection tools are usually very costly."

Banks typically face a 100-to-1 false positive rate, but image analysis solutions can make a substantial difference, he says. "They are also able to reduce the false positive rate further if they integrate legacy systems and image analysis systems with risk engine platforms," he adds.

In this video interview with Information Security Media Group, Fooshee discusses:

  • Why check fraud is sharply increasing;
  • Why check fraud is now in the news and a focus of the banking community;
  • Strategies for identifying and stopping fraudulent checks.

Fooshee, who leads the anti-fraud practice at Aite-Novarica Group, previously headed fraud strategy at SunTrust Bank and was a senior manager at Deloitte's transaction and business analytics unit.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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