AI and deep learning technologies deliver major check fraud detection improvements
Billerica, MA, June 7, 2021 – OrboGraph, a premier developer and supplier of intelligent electronic and paper automation for check fraud detection, recognition solutions as well as healthcare payment electronification, announced the market launch of OrbNet Forensic AI as the core image analysis technology to the Anywhere Fraud software application version 4.1. Details are now available on recently modernized company’s website, www.orbograph.com.
- Automated signature verification (ASV-AI) for forged signature detection
- Check stock validation (CSV-AI) for counterfeit check detection
- CAR/LAR discrepancy and check style analysis for amount alteration detection
OrbNet Forensic AI was initially introduced during the company’s 2020 virtual conference, ORBOIMPACT, to a select group of customers and partners. As part of OrboGraph’s platform modernization strategy, OrbNet Forensic AI can achieve prevention rates as high as 95%+ on targeted use cases and is available for both on-us and deposit fraud detection environments.
Co-President of OrboGraph, Barry Cohen, commented on the impact of the market launch, “In today’s mature check processing market, OrbNet Forensic AI can detect 50% more fraud items than legacy algorithms and systems. These new performance levels demanded by banks, credit unions, integration partners, and service bureaus will improve the client experience, reduce losses and minimize staffing overhead resulting in tens of millions in savings and loss mitigation for the industry.”
Forensic Document Examiner, Khody Detwiler of Lesnevich and Detwiler, was recently interviewed by OrboGraph to discuss how forensic document examination relates to AI technologies and signature verification. Mr. Detwiler explained, “There is certainly a great benefit to the banking industry for software like OrboGraph’s to automatically “screen” through volumes of items at a very high rate of speed. The accuracy improvements over legacy systems should help thwart the ongoing attacks which the financial industry currently endures.”
For more information, please contact Joe Gregory:
Vice President of Marketing
978-667-6037, Option #5
OrboGraph (www.orbograph.com), a subsidiary of Orbotech, a KLA company, is a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, payment negotiability and check fraud detection for the U.S. check processing market. Nearly 4,000 financial institutions, service bureaus, clearinghouses and billers rely on OrboGraph technology to process billions of checks, EOBs, correspondence letters and claims annually.
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