COCC Installs Free Enterprise Duplicate Detection
Avon Conn. June 6, 2011 – COCC is installing enterprise duplicate detection services for all Branch Capture, Remote Capture, Image ATM, Lockbox and Inclear files processed by the company free of charge. This system enhances COCC’s current duplicate detection that operates at the scanner level to identify ‘same day’ duplicates. The system will be fully operational for all clients in July, and will cost them nothing, thanks to COCC’s cooperative decision-making.
“We decided this service was important enough to invest in for all clients,” said Betsy Didan, Vice President – Document Processing. “Duplicate detection addresses a growing issue for check image processing – the possibility of accepting the same payment through multiple banking channels. Undetected duplicate items have been estimated to exceed $800 million per year in the U.S. alone. This service will do a great deal to prevent our clients from sustaining losses.“
Cyber thieves have been stealing the shine off of Remote Deposit Capture and other image based check processing services by presenting duplicate check images to multiple banks. Security for image check processing typically focuses on fraud occurring when checks are scanned into image deposits. Cyber thieves have shifted their tactics to intercepting check images and present the same ones at multiple financial institutions.
COCC decided to invest in the solution on behalf of all clients without charging for the service. “It’s one of the many advantages of our cooperative ownership structure,” said Didan. “When we see a need, we can make the decision to move forward.”
The new COCC service will compare each check image against an archive of check images kept for 45 days. If COCC staff determines a suspect to be a true duplicate, the client’s work will be adjusted and the suspect item labeled ‘Duplicate Detection.’ This will effectively automate the time-consuming research of duplicate inclear files and the detection of potentially fraudulent duplicate checks that might clear through a merchant or branch.
“We are pleased to save our clients time and money by automating this process, ” said Didan. “Not only will our service uncover fraudulent items, it will also handle the occasional ‘oops’ duplicate scan by a teller. It’s a win for everyone involved – except the fraudster.”
COCC | Public Relations Director| Marketing