LONGMONT, Colo., Feb. 12, 2024 /PRNewswire/ — Parascript—a software company delivering high-performing automation for over 25 years, released their newest fraud prevention product, CheckWashAlert.AI® 1.0, that detects checks altered by check washing.
Check washing scams often involve changing payee names and amounts on checks, followed by fraudulent deposits. Handwritten details are removed, allowing criminals to rewrite check information to their benefit.
CheckWashAlert.AI® 1.0 is a product that establishes the most rigorous standards for analyzing checks to detect and combat check washing fraud. It automatically analyzes the style of handwritten text in the payee name field and the legal amount field on a US business or personal check.
CheckWashAlert.AI® 1.0 utilizes innovative Artificial Intelligence (AI) methods
CheckWashAlert.AI® 1.0 employs multiple unique and fundamentally different algorithms to analyze the style of text on a questionable check and compare it to the authentic text style on reference images or the style of text in fields other than the payee name and/or amount on the presented check. The core algorithms utilize the most innovative Artificial Intelligence (AI) methods in image analysis and pattern recognition. This enables the product to analyze handwriting patterns on a check presented for verification and identify anomalies that may be indicative of check washing.
CheckWashAlert.AI® 1.0 utilizes multiple reference source options for analysis
CheckWashAlert.AI® 1.0 utilizes multiple handwriting reference sources. In the case of a fully washed check, CheckWashAlert.AI® 1.0 analyzes the style of text in specified fields on a check presented for verification and compares it against authentic samples of handwriting, which may be available as checks or any other documents or document snippets.
For a partially washed check, unaltered handwriting from the memo line, date, CAR, and signature can be used for comparison.
For each specified field on a check presented for verification, CheckWashAlert.AI® 1.0 will return results that include the following: the indicator of a reference image with the best text style match, the name of the field on the reference image that had the best text style match with the specified field, and the confidence value of the best match. Additionally, CheckWashAlert.AI® 1.0 will provide an aggregated result of text style comparison for the entire check presented for verification.
CheckWashAlert.AI® 1.0 features patent pending technology
With a robust portfolio containing over 20 patents, Parascript continues to offer groundbreaking software to help its customers protect assets and clients.
Parascript software, driven by data science and powered by machine learning, configures and optimizes itself to automate simple and complex document-oriented tasks such as detecting counterfeit checks, signature forgery, and other discrepancies. Parascript’s automated check fraud solutions enable banks to identify suspect checks in less time for back and front office applications.
Over 100 billion documents in banking, government, and insurance are processed by Parascript software, saving companies over $1 billion annually.