Fraud continues to be a growing concern throughout the world. Synthetic Identity Fraud (SIF), according to The Federal Reserve, accounts for an average charge-off of $15,000 per case. The FBI reported that SIF led to over $123 million in losses in 2023 alone, while a report by Deloitte Insights estimates it will generate at least $23 billion in losses by 2030. FIs bear the largest share of this impact. However, individuals may also suffer adverse effects as the misuse of their social security number can negatively affect their credit score. This type of fraud also leads to an erosion of trust in FIs and financial instruments.  

FIs are investing heavily to combat fraud on many levels. The front line of that defense is the point of transaction, the teller window, and the account services desk. FIs require some form of identification for each transaction, whether it is a simple deposit at the teller window or the creation of a loan at the account services desk. Most FIs are employing check scanners equipped with ID capture capabilities and software designed to detect fraudulent identification documents.

Yet even the mere presence of an ID scanner by itself acts as a deterrent for potential fraudsters. In pilot programs with our own customers, some banks reported a nearly 50% drop in identity fraud attempts even before they were doing any actual verification on the IDs! A 2024 study on the automotive industry found a similar decrease among dealers that implemented ID scanning.

Digital Check scanners come equipped with 600 DPI resolution image sensors capable of producing images that can produce accurate reading of the 2D barcode on the ID but also powerful enough to detect even the smallest of security features on the ID. So, whether it is micro text, embedded guilloche patterns, laser engraving, art screens, or other fine-detailed security features, these scanners are engineered to capture every detail with precision.