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Metavante to Present New Fraud Detection Products at BAI Transpay Conference & Expo |
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Written by Company Release
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Monday, 22 May 2006 |
Real time fraud detection at the teller line identifies bad checks at the point of presentment.
Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), announced the expansion of its fraud detection capability within its Metavante Image Solutions division to help financial institutions protect themselves against fraudulent check cashing and deposits in real time at the bank teller. The Web-based product, Teller Alert, will debut this week at the BAI TransPay Conference and Expo in Las Vegas from May 23-25 where Metavante will exhibit in booth #306.
Teller Alert, from Metavante's VisionRisk TM software, presents branch tellers with suspicious activity information, on-screen images and signature information needed to authenticate checks before they are accepted. As customers go through the teller line, fraudulent checks can be immediately identified, decreasing potential losses to the financial institution.
"Teller Alert extends the reach of fraud detection to the teller window which is a crucial real-time checkpoint. For the first time, this product also gives financial institutions the ability to stop fraudulent deposits before the money leaves the building," said Gary Nelson, president, Metavante Image Solutions. "A comprehensive image-based strategy provides the best defense against check fraud."
According to industry experts, check fraud attempts continue to increase as attacks are shifting to smaller financial institutions. Fraud attempts are now being initiated through every payment system and delivery channel. The most recent ABA Check Fraud Survey indicates that the industry loss from checking account fraud was $677 million in 2003.
"Despite the attention online fraud and identity theft have received, check fraud remains a significant problem for many banks," said Ariana-Michele Moore, senior analyst of the banking group at Celent, LLC. "In some cases, check fraud is a much larger problem for banks than online fraud and identity theft combined. So often we forget that although the number of checks in the marketplace is declining, check fraud will continue to be a problem as long as there are checks."
Teller Alert can integrate with any bank teller platform through its flexible application program interface (API). Teller Alert extends the reach of fraud detection with interfaces into positive pay, fraud detection filters, check image archive, signature archive and automated verification of same day activity. Implementation and ongoing upgrades are simplified through its browser-based system which eliminates the need for installation at each teller workstation. Teller Alert is already a part of Metavante's TellerInsight and Browser Teller products, which are offered through Metavante Banking Solutions.
Metavante Image Solutions provides comprehensive solutions that help banks and businesses transition from paper to electronic payments and image processing. Solutions that can be delivered in-house or outsourced include distributed capture, check and remittance processing, fraud detection, and document and report management. Customers encompass banks and corporations of all sizes worldwide from de novo banks to the largest financial institutions and corporations.
About Metavante
Metavante Corporation delivers banking and payments technologies to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan, and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, and electronic presentment and payment. Headquartered in Milwaukee, Metavante ( www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
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