ARGO announced that Israel Discount Bank of New York (IDB Bank) has enhanced its security through the implementation of ARGO’s anti-fraud solution, OASISTM (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 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.
OASIS has the capability 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.
Todd Robertson, Senior Vice President, ARGO, said: “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.”
