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Banking Fraud Detection Tools in Northern Mariana Islands Get Boost with Tungsten Automation’s Innovative Software

The fight against banking fraud in the Northern Mariana Islands has just gotten a significant boost, thanks to the introduction of cutting-edge technology from Tungsten Automation. The company’s FraudOne software is designed to detect counterfeit checks and other forms of fraud in real-time, providing financial institutions with a powerful tool to mitigate their exposure.

Accurate Fraud Detection

Unlike traditional check clearing alternatives that rely on limited risk scores and can result in false positives, Tungsten FraudOne uses a sophisticated fraud scoring engine to accurately detect complex fraud schemes. This unique approach combines multiple verification engines to produce a comprehensive risk score that evaluates dozens of irregularities and variances indicative of fraud.

Counterfeit Check Detection

The software’s counterfeit check detection capabilities are particularly noteworthy, as they enable financial institutions to quickly identify and combat fraudulent activity. With FraudOne, banks can reduce their risk of loss due to counterfeit checks by leveraging image-based technology that assesses the authenticity of checks in real-time.

Advanced Capabilities

In addition to its counterfeiting detection features, Tungsten FraudOne also includes advanced capabilities for detecting:

• Signature forgery: By evaluating signature irregularities and variances, financial institutions can protect themselves against this common form of fraud.
• Check alteration: The software’s risk score evaluates multiple factors to detect check alterations, enabling financial institutions to prevent fraudulent activity.

Conclusion

The introduction of Tungsten Automation’s FraudOne software in the Northern Mariana Islands marks an important step forward in the fight against banking fraud. With its sophisticated fraud detection capabilities and real-time processing, this innovative technology is poised to make a significant impact on the region’s financial institutions.