Signature Verification Technology Detects Fraud In Debt Collection Case
Parascript, LLC recently announced that it has partnered with the Moscow Law Firm "Gareev, Muslov, and Partners" to implement Parascript SignatureXpert software in formal arbitration proceedings. Recently, Parascript's signature verification software was used to detect fraudulent signatures on certain financial documents in a major debt collection case, leading to the recovery of $160,000 from fraudulent activity related to the delivery of saw-timber materials.
SignatureXpert analyzed and verified suspect signatures against proven, valid signatures from job applications, labor agreements, invoices, and other documents. Advanced verification technology and a unique methodology proposed by Parascript's specialists were applied to execute graphology analysis and detect forgeries on suspect documents.
The result of the analysis confirmed that signatures on certain financial documents were fraudulent. The Moscow Court determined that these results provided conclusive proof for initiating subsequent forensic examination and expert study in the Russian Federal Center of Forensic Sciences under the Ministry of Justice of the Russian Federation.
"The forensic study confirmed the signature verification results and conclusions obtained by SignatureXpert. Results of the forensic expertise were used as evidence and served as the basis for the decision of the Arbitration Court of Moscow to proceed with the $160,000 debt collection case," said A. Gareev, chairman of the law firm. "We are very pleased with the accuracy and reliability delivered by Parascript's signature authentication technology."
SignatureXpert leverages artificial intelligence and exploits the most comprehensive and advanced methods available in the art of signature verification. Automatic comparison is executed by a powerful combination of verifiers. In particular, the technology combines a human-like holistic analysis of signature segmentation with a subsequent analysis of the signature elements and characteristics.
"The growth of fraud through forgery has become one of the biggest security problems challenging almost any large, modern organization, including insurance companies, banks, and other financial and government institutions. We are proud to partner with Moscow Law Firm 'Gareev, Muslov, and Partners' to respond to their need to support arbitration proceedings," said Mike Fenton, vice president sales and operations for Parascript. "This marks another successful international application of our universal signature verification technology, already being used in the United States, United Kingdom, United Arab Emirates, Zimbabwe, and other countries to detect forgeries on financial documents and mail-in ballots."