Parascript® Inc. Adds a New Patent to Its Portfolio for Document Forgery Detection

LONGMONT, Colo., Feb. 26, 2024 /PRNewswire/ -- Parascript—a leading provider of innovative AI-powered solutions for document processing automation and fraud prevention applications, has filed a patent application for a cutting-edge method designed to revolutionize document forgery detection. This novel method leverages machine learning to analyze and verify handwriting with unparalleled accuracy, empowering organizations to combat fraud across diverse industries.

This groundbreaking technology encompasses a multifaceted approach involving the extraction and comparison of handwritten segments within documents such as checks and contracts. The method employs advanced deep learning neural network models and other trainable models to analyze segments of handwritten text to facilitate an accurate assessment of the probability that they originate from the same writer.

The versatility of the technology extends to various documents to further enhance its applicability. It allows for comparison within the same document or across different documents.

Key Features and Benefits

• Highly Accurate Analysis: Leverages machine learning models trained on vast datasets of handwriting samples to identify subtle similarities and inconsistencies, even on meticulously crafted forgeries.
• Versatility Across Documents: Analyzes handwriting in various fields within a single document or compares handwriting across different documents including checks, contracts, and more.
• Enhanced Security: Provides organizations with powerful technology to combat fraud.

Broad Applications Across Industries

The method's value becomes particularly evident in its ability to detect checkwashing, a popular scam targeting mailed checks. Checkwashing is a common tactic where the payee and amount fields are altered for fraudulent deposit, leading to financial losses.

This forgery detection system holds significant potential for many industries, from guarding financial institutions against check fraud and financial document forgeries to ensuring the legitimacy of legal documents in government agencies.

"Parascript is committed to developing cutting-edge solutions that empower organizations to combat fraud and protect critical information," said Alexander Filatov, CEO of Parascript. "This new forgery detection technology represents a significant advancement in document security, offering exceptional accuracy and efficiency. We are confident that this innovation will be invaluable for organizations across various industries."

About Parascript       
Parascript software, driven by data science and powered by machine learning, incorporates proprietary AI technologies to provide robust data capture solutions that bring the highest levels of accuracy when processing documents. With over three decades of experience applying AI to solve complex problems, Parascript can automate document-oriented processes in structured, semi-structured, and unstructured formats to drastically reduce human involvement.

Every year, over 100 billion documents in banking, government, and insurance are processed by Parascript software, saving companies over $1 billion annually. Parascript check fraud prevention solutions help identify and prevent check fraud for banks and financial institutions at the teller, ATM, RDC, and inter-bank.

Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM, and value-added reseller network partners leverage, integrate and distribute Parascript software in the U.S. and across the world. Parascript has automated the postal industry, mortgage, payment processing, and hundreds of other processes. Visit Parascript.

Media Contact:
Lindsey Wohlman
720-731-3282
[email protected] 

SOURCE Parascript