A top-rated, 100-plus-year-old financial institution with branches throughout the western United States wanted to provide its clients with payee verification using treasury management services. To accomplish this, they needed a fraud detection and prevention solution that would combat check fraud schemes, starting at disbursement and including automated verification.

The financial institution turned to ARGO SAND® (Self-Authenticated Negotiable Documents), designed to provide an integrated suite of treasury management applications for the prevention of loss due to fraudulent and altered checks and ACH transactions. SAND provides account and check validation services for image-based verification and check authentication. SAND Positive Pay solutions combat most check fraud schemes, including invalid MICR lines, forgeries, counterfeiting, and duplications. It provides an integrated suite of positive pay, account reconciliation, teller validation, and remote official check printing applications.

With SAND in place, the financial institution increased automation, fraud detection, and assistance with reconciliation and reporting. Most importantly, the institution achieved a rate of less than five percent false positives on payee validation, reducing the need for review for making pay/no pay decisions.

“With SAND, we provide our clients with improved accuracy and protection for pay verification through better performance and processing, to catch a greater number of fraudulent items,” said the CIO at this financial institution. “The ARGO team successfully integrated SAND with our existing systems, provided appropriate service-level agreements, added new reporting capabilities, and enabled better flexibility with our decisioning assessments.”

For more information, download the “Protecting Business Customers from Fraud” interview with David Engebos, President and COO of ARGO.