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Symcor Broadens Suite of Fraud Detection Solutions to Mitigate Fraud
TORONTO, ON (October 24, 2022) – Symcor, a leading Canadian organization that enables secure data exchanges, has launched Image Verify to help clients effectively mitigate fraud risk by using machine learning to verify documents swiftly and comprehensively.
Image Verify is powered by Symcor’s COR.IQ Alliance, a consortium of Canadian financial institutions that utilizes cross-network insights to identify fraud at scale. By leveraging networked data to maximize fraud detection, Image Verify enables financial institutions to detect fraudulent cheques before funds are released. Using machine learning, including advanced optical character recognition (OCR) technology, Image Verify can scan and evaluate hundreds of thousands of cheques each day to identify counterfeit, forged and altered items.
“This unique fraud-fighting solution, built for the Canadian market, leverages the power of OCR to scan cheque images for fraudulent activity. By using machine learning systems that identify visual anomalies common to fraudulent cheques, Image Verify makes it possible to validate cheques on a large scale, quickly and efficiently,” said Murali Dorai, VP Product Management at Symcor.
Symcor has built an industry-leading suite of fraud mitigation solutions including Verify, which uses proprietary fraud signals to detect over $100 million in confirmed cheque fraud in just the last 12 months, and Instant Verify, which offers real-time technology to identify suspected cheque fraud instantly. Image Verify was developed to supplement the two existing Verify products and provide an end-to-end set of solutions that identify suspected fraud with speed and mitigate financial losses.
Image Verify enables clients to effectively mitigate fraud risk with advanced technology that verifies documents before funds are released. The technology is customized to recognize the unique format of Canadian cheques and evaluate all types of cheques, including retail, commercial, government and Clearing Replacement Documents (CRD) cheque images.
For over 25 years, Symcor has successfully aligned market participants to address common industry-wide challenges. With proven ability to meet rapidly evolving market needs, Symcor offers efficient and scalable solutions that balance the agility clients want with the security they need.
Symcor enables secure data exchanges and supporting business processes, to help clients succeed in an evolving digital world. Trusted by Canada's largest institutions for over 25 years to support their digital transformations, Symcor aligns industry participants to solve common challenges in the most effective and efficient way. For more information, visit www.symcor.ca.