Insights Thought Leadership

Improving Over-the-Counter Fraud Detection and Mitigation

Improving Over-the-Counter Fraud Detection and Mitigation


Fraud, Automation

According to a recent ABA Deposit Account Fraud Survey Report, 49 percent of fraud occurs in over-the-counter (OTC) transactions. The ability to accurately detect fraud in real time reduces loss and the reputational cost of customer offense due to false positives.

In order to combat this issue, financial institutions need an automated solution to evaluate teller transactions at the point of presentment, providing transaction, image, and Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) analysis. Such a solution monitors for cash aggregation, internal and external fraud, and transactional fraud. With functions such as online real-time transaction processing, the frontline personnel can receive real-time messages alerting them of suspicious activity. Automatic holds, warning messages, overrides, and transaction-denial capabilities enable financial institutions to protect funds.

With automated decisions, the teller’s responsibility to interpret scores and make difficult decisions while customers are conducting transactions is removed. Automation can interpret the fraud analysis results and return transaction decisions, so the teller doesn’t have to be trained as a fraud analyst.

ARGO Fraud solutions automate fraud mitigation in real time without requiring tellers to be fraud analysts. It detects and prevents fraud over the counter, through remote deposit capture, at the ATM, and through in-clearing on-us ACH and POS channels. Real-time fraud analysis addresses internal and external fraud, so potential issues are discovered instantly rather than waiting until the next day for someone to review. Automated holds can be applied systematically, minimizing losses. It provides a 360-degree view of the customer relationship so that front-line employees have information at their fingertips to satisfy customer needs, making them feel appreciated and valued.

Download ARGO’s Mitigating OTC Fraud in Real Time interview brief.


Download ARGO's interview with David Engebos