Bank Leumi USA Identifies $84,000 Fraudulent Check
with SQN Banking Systems SENTRY Solutions
-SENTRY: Detect™ and SENTRY: Exception™ save bank time, money-
RANCOCAS, N.J., Sept. 19, 2005 – Bank Leumi USA announced the success of its fraud prevention systems, SQN Banking Systems
SENTRY: Detect and SENTRY: Exception, which have detected many fraudulent high-value checks, and most recently, an $84,000 item.
SQN Banking Systems is a leading provider of integrated fraud detection and process improvement products for the financial industry.
Headquartered in New York City, Bank Leumi USA is the largest subsidiary of the Leumi Group, with $56 billion in assets.
The commercial bank has 13 branches throughout the U.S., all of which have used SQN Banking Systems software since early 2004.
“We have not suffered any significant loss since we installed the SQN fraud prevention software last year,” said Ron Ciborowski,
senior vice president for Bank Leumi USA. “Before the installation, we were manually reviewing checks worth $3,000 and up, so the
SENTRY systems have enabled us to evaluate more checks in less time and greatly decreased our loss exposure.”
SENTRY: Detect is an automated system that identifies counterfeit and forged checks by comparing each processed check to the
individual account history and examining the check’s specific parameters. The software looks for out of range or duplicate check numbers,
invalid routing and transit numbers and amounts that exceed the customer’s spending profile based on the day of the month the check was written.
SENTRY: Exception improves workflow by clearly displaying all exception item information. The program interfaces with the various applications
needed to make quick and accurate payment decisions, such as SENTRY: Detect. On one screen, the software displays the check image, the reason for
flagging the check, signature comparisons, customer account information and other data.
“It is unacceptable that forgery has become the leading source of fraud in the United States,” said Charles Costanza, vice president of
business development at SQN Banking Systems. “We are dedicated to providing financial institutions with innovative solutions that will
combat this rise in check fraud perpetration.”
About SQN Banking Systems
For more than 20 years, SQN Banking Systems has provided integrated fraud detection and process improvement products for the financial industry,
meeting the needs of financial institutions of all sizes. The SENTRY suite of products includes software for exception item processing, image fraud
detection tools, automated signature comparison, signature verification and display, transaction analysis and safe deposit operations management. More
than 500 SQN customers have improved their earnings and reduced check fraud losses by as much as 84 percent with SENTRY. For more information, visit SQN's
Web site at www.sqnbankingsystems.com.
###
To download this press release in pdf format, Click Here.
|
