ARGO’s OASIS Fraud Prevention Solutions Suite Implemented in More Than 400 Institutions Nationwide

RICHARDSON, Texas--(BUSINESS WIRE)--ARGO, the leading provider of high-value technology and analytical-sciences software for the financial services and healthcare industries, announced today that more than 400 banks and credit unions have further enhanced their security posture with the implementation of ARGO’s anti-fraud solution suite, OASIS™ (Optimized Assessment of Suspicious Items). These institutions include investment banks, national banks, regional banks, community banks, and credit unions ranging in size from $425 million to $1.3 Trillion in assets.

Checks remained the payment method most impacted by fraud activity (66 percent), according to the 2021 Association for Financial Professionals (AFP) Payments Fraud and Control Survey. Financial institutions encounter deposit fraud in many ways: counterfeits, forgeries, alterations, and check kiting.

Improving efforts to combat check fraud starts by utilizing extensive mathematical and machine learning methods to analyze transactional data, check stock, and signatures to identify potential suspicious items and corresponding risk exposure.

OASIS analyzes images and characteristics of the account, entity, conductor, and channel, allowing institutions to detect more fraud by lowering analysis thresholds. With OASIS, financial institutions see a significant lift in the detection rate of counterfeits and forgeries with detection rates greater than 95 percent based on image analysis. Institutions have significantly reduced labor costs and fraud loss. ARGO OASIS studies repeatedly document a 95 percent detection accuracy, representing a reduced loss rate from 10 percent to just 5 percent of fraud attempts - a reduced actual fraud loss of 50 percent.

“For financial institutions, the threat of fraud is increasing in both frequency and level of complexity, leaving banks and credit unions challenged to keep pace,” said Todd Robertson, Senior Vice President, ARGO. “OASIS is proven to help institutions further bolster their security measures by leveraging state-of-the-art antifraud software with built-in image analysis, transaction analysis, and automated signature verification capabilities.”

About ARGO

ARGO creates, sells, implements, and supports our solutions from ARGO offices in Dallas, Toronto, and Memphis. Our Financial Services customers include seven of the top ten financial institutions, as well as nearly 500 other investment banks, national banks, super-regional banks, regional banks, community banks and credit unions, as well as specialty (automotive) lenders.

For more information visit www.argodata.com or follow the company on LinkedIn and Twitter.