Israel Discount Bank of New York picks Argo for anti-fraud
Israel Discount Bank of New York (IDB Bank) has gone live with a new anti-fraud system from software firm Argo.
Argo is deploying its Optimized Assessment of Suspicious Items (OASIS) platform. It says the system can fully integrate with the bank’s item processing, core, returns, and ACH channels.
“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 optimise image and transaction analyses to review, investigate, and make decisions on suspect items.”
Argo claims its platform can achieve more than 95% accuracy in detecting counterfeits and cheque fraud.
“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,” says Todd Robertson, senior vice president at Argo.
Founded in 1935, Israel Discount Bank of New York provides retail, business, and private banking services. It holds around $239 billion in assets.