Guaranty Bank and Valley National Bank Thwart Check Fraud
with SQN Banking Systems’ Online Signature Database
-SENTRY: Signature improves customer service, detects fraudulent checks instantly -
RANCOCAS, N.J., Aug. 8, 2005 – Guaranty Bank and Valley National Bank improve their customer service and fraud prevention
efforts with SQN Banking Systems’ SENTRY: Signature. SQN Banking Systems is a leading provider of integrated fraud detection and process improvement
products for the financial industry. Brown Deer, Wis.-based Guaranty Bank holds 250,000 accounts totaling $3 billion in assets, and operates SENTRY: Signature
at 145 branches nationwide to identify fraudulent checks and streamline workflow. Wayne, N.J.-based Valley National Bank holds more than $12 billion in assets
and operates 161 branches throughout northern and central New Jersey and Manhattan, all using SENTRY: Signature since installation in 2000.
“Would we have more fraud if we didn’t have SQN? Absolutely,” said Steve Mantyh, chief technology officer for Guaranty Bank. “SQN has enabled us to remove
one full time position by eliminating the hand scanning of signature cards. Also, we’ve used the system for five years with next to no problems. It’s rock solid.”
SENTRY: Signature provides an online database of account signatures for enhanced security and faster transactions. The automated system enables
personnel to verify signatures at the teller station and detect fraudulent checks immediately. In addition, the database can also store other customer
information, such as social security numbers, photographs and notes regarding the account.
“We have used SENTRY: Signature since 2000, and it has greatly enhanced our customer service, which is always our first priority” said Barbara Mohrbutter,
senior vice president of retail banking for Valley National Bank. “By putting all of the signatures in one easily accessible database, it decreases wait times
at teller stations and makes customers feel more confident and secure in their bank. As an added protection, our Valley Verify program uses SENTRY: Signature
to provide digital photographs and picture IDs to our teller lines, further enhancing the identification process.”
SENTRY: Signature’s quick and accurate procedure improves customer service by speeding up transactions. Also, there is no longer a need for signature cards,
so time is not spent searching through card files and faxing cards between branches.
“Signature verification can be very effective against check fraud and identity theft,” said Joe Uhland, Jr., president of SQN Banking Systems. “By automating this
widely accepted practice, our banks have shown a commitment to protecting their customers against this growing problem.”
The software interfaces seamlessly with most existing teller applications. Data can be presented at the click of a button, or dollar thresholds can be set to
prompt automatic display. SENTRY: Signature also increases back office efficiency, as it provides signature data for exception item processing and electronic
signature comparison.
“Guaranty Bank customers value the personal service specific to our institution,” said Mantyh. ”They appreciate that the online database enables personnel
to call them by name and eliminates the need to ask for additional photo identification, regardless of which branch they visit.”
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.
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