Israel Discount Bank of New York Implements ARGO’s Anti-Fraud Solutions Suite

 ARGO, the leading provider of high-value technology and analytical-sciences software for the financial services and healthcare industries, announced Israel Discount Bank of New York (IDB Bank), a financial institution that offers personal, commercial, and private banking services, has enhanced its security posture through the implementation of ARGO’s full anti-fraud solution, OASIS^TM (Optimized Assessment of Suspicious Items).

ARGO’s OASIS solution is an advanced analytical fraud detection platform for transactions of various types and through various channels. OASIS is fully integrated with the bank’s item processing, core, returns, RDC, ACH, and other channels, with the ability to detect fraud in real-time, quasi real-time, and batch. The solution protects 35 of the top 100 US banks with a total footprint of over 500 financial institutions internationally including across the US and Canada.

“With ARGO we will have the ability to reduce fraud and streamline operational processes,” said Akhilesh Khare, CIO of Israel Discount Bank of New York. “This platform will also further enable us to optimize image and transaction analyses to review, investigate, and make decisions on suspect items in order to protect our customers and our institution from fraud.”

OASIS has the highest accuracy and capability in the industry for detecting check and deposit fraud for counterfeits, alterations, forged maker signatures, ONUS items, transit items during deposit, as well as kiting and other internal fraud scenarios. OASIS achieves over 95 percent accuracy in detecting counterfeits and other types of check fraud through the in-clearing channel, over the counter through the teller line, mobile/RDC deposit, ATM deposits, and more. It analyzes images of items deposited as well as characteristics of the account, entity, conductor, channel, and so forth. Typically, financial institutions review, through the in-clearing channel, over 2.5 percent of their transactions, most of which are false positives. OASIS reduces the physical review rate to 0.6 percent of transactions while allowing banks to detect more fraud by lowering their analysis thresholds.

“As instances of fraud continue to increase, it is vital for banks to have the necessary tools and capabilities in place to detect and combat suspicious activities,” said Todd Robertson, Senior Vice President, ARGO. “By implementing ARGO’s Fraud Solutions suite, Israel Bank of New York is enhancing the experience of their customers while efficiently ensuring that it is a safe one as well.”