ParaScript, an AI-powered document processing company, announced the launch of a new check stock verification solution, CheckStock.AI, an enhancement of the company’s current check fraud detection capabilities. The AI-powered technology uses a combination of image analysis and pattern recognition to accurately detect counterfeit checks, alterations, or the use of unauthorized stock designs.
Analyzing check stock, the preprinted elements of a business or personal check, is a critical step in identifying fraud, whether checks are deposited physically or remotely. Automating this verification process accelerates and improves fraud detection accuracy, reduces false positives and ultimately helps financial institutions cut fraud losses while enhancing customer experience.
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Built on a completely new AI foundation, the software takes a holistic view of each check by comparing the check stock, such as field labels, security features, logos, watermarks and similar components, against a verified reference image tied to the same account. This significantly improves detection accuracy, helping catch subtle changes that might otherwise go unnoticed. When inconsistencies are found, the technology will highlight specific areas of concern and allow for deeper investigation, saving financial institutions significant manual review time.
“Check stock verification is a critical method for preventing check fraud,” said Emiliano Giacchetti, CEO of ParaScript. “Our multi-layered verification approach gives financial institutions a faster way to verify the integrity of the checks and documents they process, helping them better protect customers from costly fraud, while freeing up resources to focus on growth and delivering exceptional service.”
ParaScript’s check stock detection solution also works on non-check documents such as diplomas, certificates, contracts and licenses that contain consistent preprinted zones and use a predefined template or layout.