Red Flags Compliance

Question:

Red Flags Compliance is an overall strategy to reduce fraud evolving around Identify Theft. Rule number eight looks for financials institutions to flag an account if "Information on the ID, such as signature, is inconsistent with information on file at financial institution." How can image analysis and automated signature verification improve rule number eight of Red Flags Compliance?

Answer:

Once a financial institution has implemented an image analysis solution for check fraud prevention, they can leverage the database as a centralized signature authentication solution by validating customer identification (ID) through the use of a signed over-the-counter document. The check fraud prevention solution can compare the signature on this document to the signatures in the profile of the account. Deposits and/or cashed checks would be flagged and further scrutinized.

Vendor:

Orbograph