Sereno helping cut check fraud losses with image-based fraud detection
BAI TransPay Conference & Expo, San Diego, CA - February 24, 2009 — Orbograph Ltd, a leading developer of recognition solutions for the U.S. check processing market, announced today the successful implementation of its Sereno image-based fraud detection system at SunTrust Bank within its check processing operation.
SunTrust, a long-time user of Orbograph’s Payee Name Verification (PNV), selected Sereno to enhance its already highly effective fraud detection environment. SunTrust participated in the Orbograph Design Partner Program, which gave the company direct feedback into the product functionality.
Chip Kohlweiler, Fraud Countermeasure Manager for SunTrust stated, “We had a focused objective; find fraud our legacy systems were not detecting without adding additional personnel. We were able to accomplish this objective and continue to see improvements in the system. The complementing aspects of Sereno to our transaction fraud system are very effective, providing another layer of protection for our retail and business customers.”
“Our unique recognition-centric approach has proven to deliver the value SunTrust was looking for,” stated Barry Cohen, General Manager for Orbograph. “The methodologies we employ translate into a strong business case and can be replicated in both small and large financial institutions.”
About Orbograph Ltd.
Orbograph, a subsidiary of Orbotech Ltd. (NASDAQ: ORBK), is a leading developer of recognition solutions for the U.S. check processing and business process outsourcing markets. Orbograph’s technologies are in use at hundreds of banks and financial institutions across North America, processing millions of items each day. Through its recognition solutions, fraud detection, business process outsourcing technologies and image quality assurance applications, Orbograph enables customers to reduce costs, improve operational efficiencies and achieve rapid ROI. See www.orbograph.com.
About SunTrust
SunTrust Banks, Inc. headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2008, SunTrust had total assets of $189.3 billion and total deposits of $113.4 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology –based 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust’s Internet address is www.suntrust.com.