Financial Crime World

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Cayman Islands Businesses Boost Counterfeit Check Detection with Tungsten FraudOne Software

In an effort to reduce fraud risk in real-time, several businesses in the Cayman Islands have turned to Tungsten Automation’s cutting-edge counterfeit check detection software, Tungsten FraudOne. This innovative solution leverages image-based technology to quickly assess potential fraud and mitigate exposure.

How Tungsten FraudOne Works

Unlike traditional check clearing alternatives that rely on limited risk scores and can result in false positives, Tungsten FraudOne boasts a unique fraud scoring engine that combines with other verification engines to detect complex fraud schemes more accurately. This robust solution enables Cayman Islands businesses to effectively combat counterfeit checks by leveraging:

  • A sophisticated fraud scoring engine that accurately detects intricate fraud plans
  • Multiple verification engines to protect against signature forgery
  • A combined risk score that evaluates dozens of signature irregularities and variances indicative of fraud

Key Features of Tungsten FraudOne

Tungsten FraudOne offers several key features that help businesses in the Cayman Islands stay ahead of fraudulent activity:

  • CAR/LAR Mismatch Detection: Identifies discrepancies on checks between the amounts entered in numbers (courtesy amount) and the amount written in the print line (legal amount)
  • Sophisticated Fraud Scoring Engine: Accurately detects intricate fraud plans while minimizing labor-intensive and time-consuming manual inspections
  • Multiple Verification Engines: Protects against signature forgery by using multiple verification engines to evaluate dozens of signature irregularities and variances indicative of fraud

By leveraging Tungsten FraudOne, businesses in the Cayman Islands can protect their financial interests and reduce the risk of counterfeit checks.