NOVA Check Fraud Detection System


Overview

WSA has supported the middle market lender with software to manage Asset-Based and Factoring loan portfolios for over 27 years. When these same lenders needed a system to aid in check fraud detection it was no surprise that they turned to WSA for a reliable and cost effective solution.

Nova-CF uses a simple process of reviewing the checks paid daily against a predetermined set of tolerances in check number and dollar amount. Based on the result of this review a "Possible Bad Check" report is generated for further review by operations and/or account officers. In the event a bad check is identified the bank can return it prior to the critical "midnight deadline" and avoid further liability.

System Maintenance
Nova-CF allows the bank to establish general parameters for paid check performance. To enhance flexibility, Nova-CF permits specific account overrides of these general parameters.

Employee Maintenance
Employees can be grouped by functional responsibility with program access defined and/or limited based on their group assignment within Nova-CF. Account Officer details are displayed on system reports for management and audit purposes.

Workflow and Reporting
A nightly paid check file is read and matched against check number and check amount tolerances set by bank or account. The results of this process produce a "Potential Fraudulent Check" report for review and management within Nova-CF.

Nova-CF is designed with the latest technologies of a two-tier client/server engine based on Microsoft's Visual Basic programming language and SQL Server database. Nova-CF is WAN solution and is easily accessible by several users in multiple offices and locations.

A remote demonstration is available upon request as well as demonstrations at the WSA offices in San Francisco. Please contact Rosanne Doyle at (201) 444-7950 or via E-Mail: a request for additional information.