Fiserv Introduces FraudGuard Digital Signature Verification -- DSV -- Service that Analyzes Check Signatures Against a Customer Database to Detect Check Fraud
Fiserv Introduces FraudGuard Digital Signature Verification -- DSV -- Service that Analyzes Check Signatures Against a Customer Database to Detect Check Fraud
February 8, 2005
Fiserv Introduces FraudGuard Digital Signature Verification -- DSV -- Service that Analyzes Check Signatures Against a Customer Database to Detect Check Fraud
Fiserv's FraudGuard Digital Signature Verification (DSV) product is being rolled out in the company's check processing facilities across the country, giving smaller financial institutions access to a technology that traditionally was used by larger banks, said Ted Umhoefer, senior vice president of market development for the Fiserv Item Processing Group.
"Check fraud continues to grow, especially at community banks. With this technology, a financial institution can reduce fraud exposure by examining a significant number of checks at a minimal cost," Umhoefer said.
FraudGuard DSV works by automatically comparing the signature on the image of a paid check - based on a financial institution's criteria - to an electronic archive of previous signatures on the checking account. This digital interrogation process uses multiple algorithms to analyze signature characteristics, and then identifies and presents suspect checks for review by the financial institution.
K.C. Esmail, assistant vice president at Premier Bank, a $108 million asset bank in Wilmette, Ill., said Premier has significantly reduced its time spent reviewing checks since agreeing to use FraudGuard Digital Signature Verification in 2004.
"Before adopting Fiserv DSV, it took us four hours to review checks. With the DSV service, it only takes us one and a half hours," Esmail said. "We have fewer items to review and the processing is more efficient."
FraudGuard Digital Signature Verification eventually will be available in all of Fiserv's 49 check processing facilities across the country. The product also is available for in-house check processing through the Fiserv Imagesoft business unit.
Digital signature verification is just one of the technological solutions to be offered by Fiserv in an outsourced environment to combat check fraud. Fiserv soon will offer FraudGuard Positive Pay Plus with SecureSeal, a solution that embeds specific information about a check in a logo or other unobtrusive spot on the face of the check.
FraudGuard Positive Pay Plus with Secure Seal already is being used by some of the nation's largest financial institutions to detect check fraud. As with FraudGuard Digital Signature Verification, Positive Pay Plus with Secure Seal also is available for in-house check processing through Fiserv Imagesoft.
Fiserv is North America's largest third-party check processing provider, annually handling more than 3.7 billion checks for more than 1,500 clients. In addition, the company's Information Technology, Inc. (ITI) and Fiserv Imagesoft units provide image-based check processing software used by more than 500 additional financial institutions to process checks in-house. Fiserv operates 49 check-processing centers across the U.S., another six in Canada and a national image archive that adds more than 7 million check images each day.
Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,500 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv can be found on the Internet at www.fiserv.com.
Fiserv Introduces FraudGuard Digital Signature Verification -- DSV -- Service that Analyzes Check Signatures Against a Customer Database to Detect Check Fraud
BROOKFIELD, Wis.--Feb. 8, 2005--Fiserv, Inc. (Nasdaq:FISV) has introduced an outsourced service that digitally analyzes check signatures and compares them against a customer database to detect check fraud.Fiserv's FraudGuard Digital Signature Verification (DSV) product is being rolled out in the company's check processing facilities across the country, giving smaller financial institutions access to a technology that traditionally was used by larger banks, said Ted Umhoefer, senior vice president of market development for the Fiserv Item Processing Group.
"Check fraud continues to grow, especially at community banks. With this technology, a financial institution can reduce fraud exposure by examining a significant number of checks at a minimal cost," Umhoefer said.
FraudGuard DSV works by automatically comparing the signature on the image of a paid check - based on a financial institution's criteria - to an electronic archive of previous signatures on the checking account. This digital interrogation process uses multiple algorithms to analyze signature characteristics, and then identifies and presents suspect checks for review by the financial institution.
K.C. Esmail, assistant vice president at Premier Bank, a $108 million asset bank in Wilmette, Ill., said Premier has significantly reduced its time spent reviewing checks since agreeing to use FraudGuard Digital Signature Verification in 2004.
"Before adopting Fiserv DSV, it took us four hours to review checks. With the DSV service, it only takes us one and a half hours," Esmail said. "We have fewer items to review and the processing is more efficient."
FraudGuard Digital Signature Verification eventually will be available in all of Fiserv's 49 check processing facilities across the country. The product also is available for in-house check processing through the Fiserv Imagesoft business unit.
Digital signature verification is just one of the technological solutions to be offered by Fiserv in an outsourced environment to combat check fraud. Fiserv soon will offer FraudGuard Positive Pay Plus with SecureSeal, a solution that embeds specific information about a check in a logo or other unobtrusive spot on the face of the check.
FraudGuard Positive Pay Plus with Secure Seal already is being used by some of the nation's largest financial institutions to detect check fraud. As with FraudGuard Digital Signature Verification, Positive Pay Plus with Secure Seal also is available for in-house check processing through Fiserv Imagesoft.
Fiserv is North America's largest third-party check processing provider, annually handling more than 3.7 billion checks for more than 1,500 clients. In addition, the company's Information Technology, Inc. (ITI) and Fiserv Imagesoft units provide image-based check processing software used by more than 500 additional financial institutions to process checks in-house. Fiserv operates 49 check-processing centers across the U.S., another six in Canada and a national image archive that adds more than 7 million check images each day.
Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,500 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv can be found on the Internet at www.fiserv.com.