Elsewhere Bank Announces Success of Fraud Detection System
Elsewhere Bank, a subsidiary of Elsewhere Bancorp, today announced the success of its internal Fraud Detection System. The sophisticated software, which utilizes EQN Banking Systems Sentinel Detect, Sentinel Exception and Sentinel Inspect, has detected many fraudulent highvalue checks since being installed in early 2007.
We have not suffered any significant loss since we installed the EQN fraud prevention software last year,” said Dennis Finch, senior vice president and chief information officer at Elsewhere Bank. “Before the installation, we were manually reviewing a limited number of high dollar checks, so the Sentinel systems have enabled us to evaluate more checks in less time and have greatly decreased our loss exposure.”
Fraud Detection System has three components:
- Sentinel Detect: An automated system that identifies counterfeit and forged checks by comparing each processed check to the individual account history and examining the check’s specific parameters. The software looks for out of range or duplicate check numbers, invalid routing and transit numbers and amounts that exceed the customer’s spending profile.
- Sentinel Exception: Improves workflow by clearly displaying all exception item information. The program interfaces with the various applications needed to make quick and accurate payment decisions, such as Sentinel Detect. On one screen, the software displays the check image, the reason for flagging the check, signature comparisons, customer account information and other data.
- Sentinel Inspect: Designed to reduce check fraud losses by detecting counterfeit and forged checks. The software automatically reviews the front of targeted onus check images and compares them to a registered data template in the customer’s profile and the daily MICR information. Sentinel Inspect then flags items with discrepancies for further review by bank personnel.
It is unacceptable that forgery has become the leading source of fraud in the United States,” concluded Finch. “We are dedicated to providing our customers with powerful solutions that will combat the rise in check fraud.”
About Elsewhere Bank
Elsewhere Bank, a subsidiary of Elsewhere Bancorp, is a progressive Northern California bank that combines traditional deposit and lending services with innovative banking solutions.
Founded in 1990 by five guys with a dream, Elsewhere Bank is California state-chartered with 14 branches in 11 cities including Anderson, Chico, Colusa, Corning, Magalia, Marysville, Oroville, Paradise, Red Bluff, Redding and Yuba City.