Banks Are Now Embracing The Newer And Tougher Signature Verification System
Every branch of every bank maintains customer signatures on index cards or similar documents. These cards are physically stored in boxes or cabinets and require a person to physically search them for a specific client’s signature card. This process takes time, increases overhead, and also leaves the cards at risk from fire, flood, or simply being lost or misfiled. In addition, a client’s signature card is only available at the specific branch where the account was opened. This makes it difficult to conduct some transactions at branches other than the home branch.
Signature verification systems offer comprehensive and highly secure electronic solutions, which allow signature cards to be digitalized and easily managed for single and multiple branch banking, These security systems provide check and signature verification technologies to help guard against fraud and identity theft.
Larger banking institutions tend to use a double layer method of signature verification. For transactions that only involve a small sum of money such as payment for utility bills or withdrawals for everyday use, banks will commonly use verification system software designed by an independent vendor or contractor.
For transactions that involve a large sum of money and are therefore more conspicuous, a second layer of verification software designed by a bank’s in-house technical security group are used. This internal software is unique and provides a double layer of protection that significantly cuts down on cases of fraud.
Find signature verification solutions in our biometrics service directory.
One Reply to “Banks Are Now Embracing The Newer And Tougher Signature Verification System”
I work for a biometrics rercsaeh and development company called M2SYS which is one of the leading providers to the education market. You really hit the nail right on the head. Fingerprint images are not stored. Instead an identity template is created that represents a few key areas of a fingerprint. Not only that, but these identity templates are all in a proprietary, encrypted format that are useless outside of the system. But even beyond all that why would ANYONE go through the steps necessary to obtain these identity templates? If you can spoof a fingerprint reader, your time is probably worth more than getting a free lunch or checking out a library book at an elementary school.