How Signature Bank of Georgia enhanced fraud detection and check imaging with Abrigo
The challenge: Outdated tech and increasing check fraud cases
Like many community financial institutions, Signature Bank of Georgia faced significant challenges in detecting and preventing fraud. The bank felt that its core processor’s available fraud prevention offerings, such as positive pay and basic features, would not totally fulfill the need for a more robust fraud detection solution that specifically addressed check fraud.
Executive Vice President Freddie Deutsch has noticed that the fraud scenarios he encounters at work have increased in recent years. “We hadn’t previously seen this much check washing or wire transfer fraud, but that has all changed. Stealing checks from businesses or mailboxes, using technology to disguise your voice on the phone…It’s more than one person can handle.”
Signature Bank was relying on manual processes to detect and investigate fraud and needed to automate not only to keep up with fraud trends but also to make room for growth and prepare to explore services such as instant payments that would require more risk mitigation.
The solution: Strengthening fraud defense from all angles
Deutch ultimately chose Abrigo for its adaptable, innovative technological capabilities that combat new fraud schemes as they come. Abrigo's BAM+ will give Signature Bank of Georgia end-to-end AML case management that is configurable for its unique clients, risk profile, tolerance levels, location, and needs. When it comes to the problem of check fraud, Abrigo Fraud Detection leverages AI check image analysis to detect anomalies and streamline decision-making workflows, strengthening the bank's defenses against fraud.
The solutions Signature Bank of Georgia has invested in combine the reliability of rules-based fraud detection with cutting-edge AI. Abrigo Fraud Detection will identify sophisticated fraud patterns and speed up staff’s ability to approve, decline, or engage with clients to get to a swift resolution
The result: A one-stop shop for AML and fraud prevention
By partnering with Abrigo, the bank has enhanced its fraud detection capabilities and improved efficiency and integration within its systems. The harmony between Abrigo's solutions allowed for better data flow and decision-making, empowering the bank to make informed decisions to combat fraud effectively.
“Our goal was to have everything connected and simplified to one dashboard with all relevant information, and our team is amazed at the seamless integration of Abrigo products,” Deutsch said. "Every tool talks to the others. And having all the information we need in one place helps us make better decisions.”
