Character recognition software provider Mitek Systems has released a new advanced image analytics toolkit, FraudProtect V2.2, which includes improved image analysis tests that automatically detect fraud in demand drafts.
Mitek says the latest release of FraudProtect offers improved accuracy, increased functionality, and extended interoperability.
FraudProtect SDK V2.2 is said to offer improved recognition and data finding, which helps to automatically catch modifications to payee name information on payroll and other business checks, as well as automatically detecting fraud or modifications on demand (pre-authorized) drafts.
Advanced new features have also been added to provide more sophisticated analysis of the check layout to combat continuous attempts of fraudsters to create counterfeit checks.
Angela Bardowell SVP of risk at Bank of America, said, Large and small financial institutions alike will face the challenge of tracking down demand (aka pre-authorized) draft fraud. Fraudsters are creating complex schemes with these demand drafts which can only be effectively detected using image-based fraud detection.