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Bank Fraud Losses

Industry estimates for fraud losses increase every year. Losses from armed robberies are declining to less than $5 million annually. New desktop technologies have increased the risks of fraud losses. Bank regulations such as Regulation E (electronic funds transfer) and CC (availability of funds and collection of checks have further complicated fraud prevention. Film or video tape technologies are costly and ineffective.

While industry spends millions on fraud deterrence, losses from fraud increase dramatically. New, effective, patented, anti-fraud technology, the IRIS system, can reverse those daunting statistics. Organized transaction fraud is now the fastest growing loss problem for financial institutions and other corporations. Over $800 million has been spent by large institutions on security technology and investigative processes that alone are incapable of reducing organized transaction frauds. The IRIS system can make the difference.

Industry estimates for fraud losses:
Since check and ATM Fraud are a growth market, and fraud is a parasite on banking profits, the IRIS system has become an absolute necessity. Due to the dramatic growth in national branch banking systems, there has been a loss of personal customer relationships. The ease of access to quality printing systems make check forgery simple. Banks find it too expensive to verify customer signatures or other ID for every banking transaction. Non-computerized video tape systems make it too expensive to recover images for small losses because banks must rely on thousands of non-indexed, difficult to retrieve, high-maintenance video tape recorders.