[HANOVER] - 2009-03-03: Fraud Detection and e-Signing specialist Softpro presents her solutions at the leading IT-event worldwide - Cebit. The Signature experts will showcase their holistic fraud prevention suite "SignPlus" as well as their next generation signature tablet "SignPad" at the Signature Pavilion in hall 17, stand G04 - along with their highly innovative end-to-end electronic account opening application.
Signatures experience a comeback as they offer what Personal Identification Numbers (PINs) or other Biometrics such as finger prints can not: They are a non-intrusive proof of intent. They are culturally accepted and understood. Their invisible biometric characteristics such as the different levels of writing pressure can not be spied out and signing is the most personal way for authentication. Reasons enough for more and more companies to get serious about signatures.
Trustworthy e-Signing with the Handwritten Signature
Softpro is showcasing the next generation signature tablet, named SignPad eSignio, introduced to market 15 months ago and now one of the most popular pads for e-signing worldwide. 2008 was the year of the breakthrough for e-signing in various verticals. Thousands of SignPads were rolled out at tellers of banks, counters of telecommunication companies and at cash terminals of large retailers. "Paperless signing" is a reality now as customers sign directly on the display of the SignPad using Softpro’s SignDoc electronic signing software.
The upcoming release of the SignDoc product suite sets the next milestones in combining convenience and security – in the most efficient way. SignDoc Web enables the signing of PDF documents directly in the web browser through an ultra thin client. The client side footprint is minimized and SignDoc Web can be disseminated with web-like convenience.
E-Signing with SignDoc is at least as secure as signing on paper: Besides the static image of the signature that is familiar to everyone on paper, signature tablets and Tablet PCs also capture dynamic signals. These signals are created throughout the signing process and may be used as additional security features. The different levels of the writing pressure, speed and velocity throughout the writing process are very unique to the individual signer. They can be verified automatically on demand.
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Checks are still alive and Check Fraud is on the rise
Although the rate of online banking is increasing hundreds of billions of checks are written every year throughout the world. The affinity to checks is not diminishing in the "check countries". The relative importance of checks as a payment instrument is outstandingly high in Singapore (73,3% in 2006), Turkey (66,6% in 2005), the United States (54,7% in 2006), Brazil (40% in 2005) and Canada (35,0% in 2006). Areas with exceptional economic growth such as the Gulf countries or Australia even reported increasing numbers in check usage in recent years.
For financial institutions worldwide, check processing and clearing is a significant cost factor in the payment process. However, reduction in processing costs leads to higher check fraud risk exposure. Check fraud is consistently rising year-over-year and is expected to continue rising as fraud perpetration using other payment instruments such as credit cards becomes increasingly difficult.
The use of checks as a vehicle for fraudulent transactions is a global phenomena. The figures about check fraud worldwide are impressive. However only a few organizations are publishing figures about fraud cases and money lost due to check fraud.
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According to the American Banker's Association check fraud accounted for more than $12.2 billion in 2006 (up from 5.5 billion in 2003 and $4.3 billion in 2001). Check fraud losses incurred in 80 per cent of the banks (up from 75 percent in 2003).
- According to French police reports, check fraud cases have increased by 85% between August 2005 and July 2006 in Paris alone.
- In Australia the average cheque fraud damage in 2005 was A$ 0.03 in every A$ 100 (0.0003%) = A$ 540 mil (approx. 300 mil EUR) lost to the financial industry in total.
- In the UK, check fraud attempts increased by 20% between 2003 and 2004 to a total of £665 million in potential fraud losses. Unfortunately no newer figures have been published so far.
Arguably the motivation for perpetrating check fraud crimes is the low risk of being caught.
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Check Societies
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Country
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checks
in mio
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data of
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USA
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30,557
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2006
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France
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3,827
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2006
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United Kingdom
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1,778
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2006
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Brazil
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1,709
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2005
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Canada
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1,325
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2006
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Australia
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550
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2006
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Italy
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453
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2006
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Sources:
- American Bankers Association (ABA), Deposit Account Fraud Survey Report
- Australian Payments Clearing Association (APCA)
- Bank of International Settlements (BIS), Statistics on payment and settlement systems in selected countries "Red Book"
- European Central Bank (ECB)
- FEBRABAN Documentation for 2007 CIAB Congress
- US Federal Reserve Payments Study
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Holistic Check Fraud Prevention is highly important
These losses can be avoided. Searching for fraud amongst the billions of transactions may seem like searching for a needle in a haystack. However there is one holistic and sustainable way to address all relevant aspects of check fraud and effectively lower the operational risk. Leading financial institutions around the globe cope with this challenge in using Softpro's SignPlus product suite and securing millions of transactions every day. Up until now, the challenge to fighting this fraud has been to reduce check processing costs while increasing, rather than decreasing, protection against fraud losses.
At Cebit Softpro showcases the latest features SignPlus Edition II. Banks enjoy substantial savings for back-office check processing centers by automating tedious and error-prone manual verification while significantly improving the detection of fraudulent items. This solution enables banks to take necessary precautions to secure the paper-based payment process and prevent losses from check fraud in a truly cost-effective manner. Softpro has a proven track record with her systems for the validation of handwritten signatures and fraud prevention in payment processes. The company provides the SignPlus suite of products, which were initially conceived in cooperation with a consortium of the largest U.S. banks. The solution is considered by many of the US Tier 1 banks to be a "best practice industry initiative" to combat check fraud and has been successfully deployed at many of the world's largest financial institutions since its inception.
High-Quality Images
ID: 025
Signing on SOFTPRO's SignPad at the Berliner Sparkasse (Savings Bank in Berlin) for paperless account opening and a lot of other applications. The SignPad is a joint development with pen technology specialist Wacom and designed to work seamless with SOFTPRO's popular e-signing software SignDoc. The photo was captured in customer center of the Berliner Sparkasse.
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ID: 026
Signing on SOFTPRO's SignPad at German outlets of IKEA as part of the Electronic Receipt management of TeleCash (part of First Data). The SignPad is a joint development with pen technology specialist Wacom and designed to work seamless with SOFTPRO's popular e-signing software SignDoc.
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ID: S01
The sales assistance shows the customer the entry in the Sunrise Partnerweb, the POS solution for paperless contracts of Switzerland's second largest Telco-provider. Softpro's SignDoc Web is embedded in this solution. The photos were taken in the flagship store of Sunrise in Zurich. The SignPad is a joint development with pen technology specialist Wacom and designed to work seamless with SOFTPRO's popular e-signing software SignDoc.
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ID: S02
The customer signs on the SignPad eSignio a paperless contract of Switzerland's second largest Telco-provider. The photo was taken in the flagship store of Sunrise in Zurich. The SignPad is a joint development with pen technology specialist Wacom and designed to work seamless with SOFTPRO's popular e-signing software SignDoc.
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About SOFTPRO
The SOFTPRO GmbH is a world leader in developing and marketing products and solutions for digital capture, management and verification of handwritten signatures.
The fastest growing line of business are solutions for E-Signing - in particular biometric signatures. SOFTPRO is offering E-Signing software - from the SDK (SignWare) via desktop clients (SignDoc) to a complete platform for Web-based signing (SignDoc Web). The products support a wide range of devices for signature capturing - from basic pen pads up to Tablet PCs. This can lower your costs, accelerate business processes, eliminate errors and protect documents against manipulation. E-Signing with SOFTPRO is environmentally friendly and thus supports Green IT initiatives and Corporate Social responsibility programs.
The second major division of SOFTPRO is the detection of fraud through automated comparison of signatures. This comparison is primarily used for checks. SOFTPRO’s Automatic Signature Verification is also used to secure the postal ballot (e.g. in the United States and the United Kingdom). Additional fraud analysis tools may be added to the verification process. The results of these complex tests are analyzed, weighted and presented as a holistic risk assessment.
SOFTPRO solutions are currently used in 31 countries on five continents. Ten of the world's 25 largest banks are SOFTPRO customers, as well as insurance, retail and telecommunications companies, public administration, the energy and the health sector.
The parent company of the SOFTPRO group is the SOFTPRO GmbH founded 1983 in Boeblingen near Stuttgart. Four subsidiaries are based in the United States, in the United Kingdom, in India and in Singapore. Additional representations operate in Brazil and Lebanon. The group currently employs around sixty people. SOFTPRO's software is developed "made in Germany".
Please contact us for additional information:
SOFTPRO GmbH
Wilhelmstrasse 34
71034 Boeblingen
Germany
Phone: +49 7031 6606 0
Fax: +49 7031 6606 66
Joerg-M. Lenz
Manager PR
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