SQN Integrates Parascript’s Check Recognition Technology to Detect Fraud
-One of world’s five largest banks implements integrated fraud detection solution-
BOULDER, Colo. and RANCOCAS, N.J., August 23, 2006 SQN Banking Systems, a leading provider of integrated fraud detection and process improvement products for the financial
industry, and Parascript®, LLC, the intelligent recognition technology provider, today announced the successful integration of a new image survivable security feature,
SENTRY: Seal™, into one of the top five financial institutions in the world. SENTRY: Seal is a robust fraud prevention product providing instantaneous check
verification. The installation makes SQN one of the first vendors to validate U.S. Treasury checks outside the Federal Reserve.
SENTRY: Seal encodes and decodes official bank checks to ensure maximum protection against altering, copying or forging. Every check printed
using the software is encrypted with a barcode (a “Seal”) containing the amount, the account number and the payee’s name. The same information is
extracted from a deposited check using Parascript® CheckPlus® - the company’s flagship check recognition product. Financial institutions can
immediately compare the captured data with the Seal and identify any differences between the Seal and the check image.
Full implementation of this technology follows a successful pilot program in which SQN worked with the Federal Reserve, the U.S. Treasury Department
and Fiserv. During the pilot, all Treasury checks presented for payment at a large U.S. institution were run through the comparison engine, identifying
suspects that were potentially fraudulent. During the pilot program— in which 20,000 checks a day were examined—SENTRY: Seal caught several fraudulent checks,
representing a significant savings for the bank. Currently, the Treasury is issuing over 200 million encrypted checks a year.
“SENTRY: Seal is an important product for detecting check fraud,” said Charles Costanza, vice president of business development for SQN.
“And we rely on Parascript technology as an essential building block for next generation fraud detection tools.”
“Parascript’s capability to recognize data from checks and other images is very valuable for fraud detection tasks,” said Mike Fenton, vice president of
sales and operations for Parascript. “Check fraud is increasing at a rapid rate, and Parascript is dedicated to providing fraud detection technology to partners
in order to help reduce fraud losses from counterfeits and alterations.”
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.
About Parascript, LLC
Parascript’s Intelligent Recognition engines capture, interpret and transform paper-based data into actionable information. Uncovering the hidden meaning
of information, we help commercial and government organizations drive higher accuracy and productivity while automating costly data entry. The first to
solve the cursive handwriting puzzle, Parascript has grown to be the intelligent recognition solution for the U.S. Postal Service and other Global 2000
organizations including Böwe Bell & Howell, Carreker, Elsag, Lockheed Martin, NCR, Siemens and Unisys. Parascript is online at www.parascript.com.
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Parascript and CheckPlus are registered trademarks of Parascript, LLC. All other trademarks and trade names are the property of their respective owners.
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