FinCEN has warned financial institutions about a surge in check fraud schemes targeting U.S. mail. Financial institutions filed over 680,000 SARs for check fraud in 2022, almost doubling the previous year’s filings.
Check fraud is still a cause for concern for all the banks out there, irrespective of the decline in the usage of checks. Criminals use counterfeiting, check washing, and mail-related thefts to steal checks, make purchases, or withdraw money.
Investigating check fraud cases is overwhelming. Bankers manually examine checks and verify additional documents, such as deposit slips, payment orders, and bank statements. This process is time-consuming, monotonous, and daunting for bankers. Moreover, deciphering handwritten checks poses its own challenges.
Automated check image processing can quickly, easily, and reassuringly mitigate the above-mentioned pain points. Automated check image processing uses software and technology to read and interpret check images and extract relevant information.
ScanWriter, a product by Personable, offers automated check image processing to enable seamless check fraud investigations. This powerful financial investigation software captures data from thousands of checks in minutes with 100% accuracy. ScanWriter also organizes data into Excel sheets and provides automated data visualizations in PowerBI for quick and efficient analysis.
Shortcomings of Existing Automated Check Image Processing Solutions
Various tools like Adobe and OCR-based software offer automated check image processing to streamline the tedious manual process of capturing data from checks. While these tools can be helpful, they still have limitations that must be considered.
Low Accuracy: OCR-based software for automated check image processing may not accurately capture data with 100% accuracy, leading to an increased workload for bankers to validate the data before proceeding with fraud investigations.
Unorganized Data: OCR software often needs a more systematically organized data format, posing challenges for investigators to comprehend and requiring additional time for data organization. Furthermore, accurately capturing handwritten data can be complex for OCR-based software.
Incompatible Integration With Data Visualization Tools: One of the challenges associated with check fraud investigations is the limited integration of automated check image processing tools with data visualization platforms such as Power BI. This lack of integration results in a deficiency of pre-built visualizations, like the flow of funds, which are extremely valuable for effectively investigating instances of check fraud.
Limited Features: Not many software solutions offer one-click source verification, automatic audit trail, automatic creation of financial models like the flow of funds for asset tracing, and case management capability for effective collaboration.
Risk of Data Breach: With cloud-based solutions for check image processing, there is always a risk of data breach. Due to the sensitivity of the information involved, banks would prefer an on-premise solution.
Automated Check Image Processing: ScanWriter – A Trusted Choice for Banks
When selecting an automated check image processing tool, financial institutions should prioritize streamlined fraud investigations, accurate data capture, strict security protocols, and seamless integration with data visualization software like Microsoft Power BI. Cost-effectiveness should also be considered.
Introducing ScanWriter by Personable, the perfect financial fraud investigation software.
ScanWriter is an innovative, powerful, and seamless automated check image processing solution trusted by banks. With on-premise deployment for enhanced security, quick and accurate data capture from various paper and digital documents, including bank statements, bills, invoices, receipts, insurance forms, and check images, into Excel within minutes.
Source – Capterra
ScanWriter can also automatically prepare financial data visualizations of models like ‘the flow of funds’ in partnership with Microsoft Power BI (Business Intelligence). In addition, ScanWriter supports 21 languages, including Spanish, Mandarin, Cantonese, French, Arabic, and many more. ScanWriter can be implemented as desktop software that offers data privacy, preventing data theft.
Source – Capterra
ScanWriter has a proven track record of satisfied clients who have benefited from its services.
Source – ScanWriter
ScanWriter is an innovative, powerful, and seamless automated check image processing solution that enables financial institutions to capture actionable data insights to investigate fraud. ScanWriter helps fraud investigators reveal unusual financial transactions by converting paper documents and digital files into structured and normalized data on Excel in seconds with 100% accuracy.
Source – Capterra
ScanWriter | Key Features and Benefits
Highlighting the critical features of ScanWriter that make it a cut above the rest:
- High Speed and Accuracy of Data Capture
- Ability to Accurately Read Handwritten Checks
- Support for different check formats
- Batch Processing of Checks
- Systematically Organized Data into Excel Sheets
- Ability to Easily Create Rules for Data Normalization
- Ability to Zoom in on Any Part of the Check Image
- One-Click Source Verification
- Additional Document Reading Support
- Automatic Audit Trail
- Easy and Intuitive Interface
- Languages Support
- Suspicious Activity Detection
- Pre-built Data Visualizations
- Case Management for Effective Collaboration
- Cost-effective
- On-Premise Deployment
- Customer Support
1. High Speed and Accuracy of Data Capture: ScanWriter significantly reduces the time required for manual check verification by 90%, leading to streamlined and enhanced data preparation processes. This not only saves valuable time but also improves overall efficiency. Moreover, ScanWriter can process a substantial volume of 1,000 check images in under an hour, effectively handling cases ranging from 500 to 100,000 check images.
Furthermore, ScanWriter’s dual-screen data preview feature enables bookkeepers to swiftly review the check images alongside corresponding data, ensuring utmost accuracy and further saving valuable time.
It is important to note that ScanWriter guarantees 100% accuracy in capturing and processing data, further enhancing its reliability for check fraud investigations.
2. Ability to Accurately Read The Handwritten Checks: ScanWriter’s ability to decipher handwritten checks accurately makes it a popular choice among users. It uses its advanced recognition technology to capture the necessary information irrespective of whether the handwriting is in cursive or block letters.
As a result, ScanWriter is the only solution that converts data from PDFs to Excel spreadsheets with 100% accuracy. With its intelligent error detection, ScanWriter ensures accuracy and maximizes your data entry efficiency. Additionally, ScanWriter automatically detects and extracts essential information for different computer layouts and fonts.
Source – ScanWriter
3. Support for Different Check Formats: Each bank has a different format for a check. However, ScanWriter can extract data from checks of hundreds of banks, and if a specific format is missing, it can be added within 48 hours.
ScanWriter captures every little information available on the check, such as dates, payers, payees, account numbers, memo fields, routing numbers, signage, and MICR codes, differentiating it from its competitors. In addition, ScanWriter can read the front and back sides of a check.
4. Fluent Batch Processing Of Check Images: ScanWriter proficiently batch processes and efficiently handles large volumes of check images. With the capacity to process anywhere from 500 to 100,000 check images, and the ability to capture data from up to 24 check images per page, ScanWriter simplifies the task of automated data entry. First, users must direct the software to the defined folder containing the check images; ScanWriter takes care of it.
Additionally, users don’t need to flip between different applications while processing checks in bulk.
5. Systematically Organized Data into Excel Sheets: ScanWriter can standardize various types of data, such as dates, payers, payees, account numbers, memo fields, routing numbers, signage, and MICR codes. Then ScanWriter organizes captured data systematically in the Excel sheet, along with the images of the original checks for easy reference.
Source – ScanWriter
Source – Capterra
6. Ability to Easily Create Rules for Data Normalization: ScanWriter efficiently normalizes and organizes data in an Excel table format per your requirements without the hassle of manually modifying each non-standard occurrence by creating rules.
“Not all the data is normalized in a good table format [speaking of Adobe]. Other software will jumble all the data, so it would be hard to analyze. ScanWriter can take any document, whether a bank statement or check image…and we can normalize it and put it into a table format so you can analyze the information quickly and effectively,” says Michelle Dulog from ScanWriter.
For instance, you can improve the readability and consistent formatting with ScanWriter by creating rules for displaying payer and payee names in all caps throughout the data. Rules can also be made for identifying and grouping variations of names belonging to the same entity, like ‘Raymond & Associates,’ ‘Raymond & Associates LLC,’ and ‘RAYMOND AND ASSOCIATES LLC.’ You can also create a normalization rule for amounts in a preferred format, such as 20,000.00 instead of 2000.
7. Ability to Zoom In on Any Part of the Check Image: When a specific piece of information might be challenging to read on a check image, one can use the ScanWriter’s zoom feature to magnify the image within the software for closer inspection.
8. One-Click Source Verification: ScanWriter’s dual-screen data preview feature allows check images and captured data to be viewed simultaneously, minimizing the chance of mistakes and imprecisions. Users need not switch between different applications or print out check images, along with ease of editing or modifying the data on the same screen, making the entire process quick and efficient.
9. Additional Document Reading Support: Effortlessly extract data from various sources, such as documents, pictures, and different kinds of forms, such as bank records, credit cards, check images, and brokerage documents and PDFs, and arrange it systematically in an Excel sheet. In addition, ScanWriter can process both the front and back of a check.
10. Automatic Audit Trail: The automatic audit trail function of ScanWriter enables the system to capture and record a detailed history of all actions and changes made within the software. This includes data extraction, processing, and any modifications performed on the check images or associated data. The audit trail serves as a comprehensive log, providing a transparent record of activities and facilitating traceability for compliance and audit purposes. This feature is specifically beneficial when reviewing a colleague’s work or checking the accuracy of information.
11. Easy and Intuitive Interface: ScanWriter offers a user-friendly interface with built-in features to simplify the workflow. For example, with ScanWriter’s dual-screen view, one can effectively cross-check and perform the validation for the data in Excel format on one side, and the source checks the image on the other, making verification easier. In addition, ScanWriter’s side-by-side preview makes it easy for bookkeepers to check for accuracy without compromising data integrity and time.
Moreover, The intuitive buttons and icons in ScanWriter’s UI, along with a clear, step-by-step guide, make it easy for experienced and inexperienced users to navigate and complete their scanning tasks. In addition, users can choose to set up their workspace with the features and tools they use most frequently, which can save time and increase productivity.
Source – Capterra
12. Support Various Languages: ScanWriter supports 21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, and more.
13. Suspicious Activity Detection: Detecting suspicious activity, like a scenario where you integrate deposit slips with a bank statement and notice a recorded deposit of $1,000 but later discover that there was a $12,000 check deposit involved, with $11,000 cash withdrawn before the deposit hit the bank, this information can be critical in identifying potential fraud. With ScanWriter, financial institutions can streamline their workflows and improve accuracy while reducing the risk of errors and inconsistencies.
With ScanWriter, investigators can quickly identify suspicious credits that may seem ordinary at first glance but can lead to potential fraud. In addition, the identified patterns could be flagged, enabling them to investigate further and potentially file a SARs report if necessary.
Also check out – Your A to Z Guide for Preparing Compelling SAR Narratives!
14. Automated Pre-Built Data Visualization: Powered to deliver accurate and actionable analytics, ScanWriter’s integration with Microsoft Power BI enables data validation, detecting common errors such as using commas instead of periods.
ScanWriter offers pre-built visualization models, like “All Transactions,” “Flow of Funds,” “Benford’s Law,” and “SAR Analysis,” which offers easy detection and investigation of suspicious activity, even for those without extensive knowledge of Power BI.
Such automated visualizations and the ability to add filters on top of them are highly assistive during asset tracing. Check out – “Asset Tracing: How Technology Can Help Fraud Investigators Follow The Money To Trace Assets?“
Source – ScanWriter
15. Case Management for Effective Collaboration: Big fraud investigations require various team members to simulate work. This is where ScanWriter’s case management feature offers effective collaboration, allowing the team members to work on the same project simultaneously. This suggests analyzing different data sections by multiple team members at the same time, tracking modifications made by each member, and quickly accessing and sharing files to mitigate risks effectively.
Also check out – How to Select Case Management System for Fraud Investigations?
16.Cost-Effective: ScanWriter offers two pricing models: Standard and Premier. With the Standard pricing model, ScanWriter offers one workstation user and ten customized readers costing at $5495 per license, making it a popular choice among users. While with the Premier pricing model, ScanWriter offers standard features and an independent library. One can book a call and customize ScanWriter to its preference with the Premier pricing model.
ScanWriter charges an annual maintenance fee for the standard license and has a non-prorated license fee of $3,234.00. This includes unlimited usage by common readers, training, support, and software updates.
17. On-Premise Deployment: ScanWriter offers excellent control and enhanced security with its on-premise deployment. Users can easily install and run the software on their local servers ensuring that no sensitive information goes out of the premises.
18. Dedicated Customer Support: ScanWriter offers dedicated support managers that help to resolve the query and ensure all your questions are addressed.
Parting Thoughts
Manual check image processing can be tedious, time-intensive, and error-prone. To save time, money and minimize errors, automation is critical. That’s where Scanwriter comes in.
Scanwriter offers advanced automated check image processing technology with 100% accuracy of data capture and 90% time savings. In addition, ScanWriter systematically organizes all the captured data and offers one-click verification and an automatic audit trail. Not just that, by integrating with Power BI ScanWriter provides pre-built visualizations for effective investigation of check fraud.
The case management feature offered by ScanWriter is like the cherry on the cake to facilitate effective collaboration amongst team members. You can trust ScanWriter to be your reliable companion in the fight against check fraud.
Book your free demo with ScanWriter today! Our experts will walk you through the platform and show how it can help financial institutions detect and investigate check fraud effectively.