Magazine article American Banker

Cadix Offers System for Signature Verification

Magazine article American Banker

Cadix Offers System for Signature Verification

Article excerpt

Cadix International Inc., a software company based in Atlanta, has developed an on-line signature verification system that company officials claim detects nearly 100% of unauthorized signatures.

The system uses a terminal equipped with a pressure-sensitive writing tablet to capture signatures electronically. Once captured, a signature is then compared, using biometric technology, to an authorization file containing valid signatures for a given account.

Developed with the banking industry in mind, the system can be used for a range of applications, including check endorsement verification, vault and safety deposit box access, and identification at the point of sale.

"It performed well under tests and basically won't allow any false accepts," said Steve Hollingsworth, marketing director at Cadix.

The process is based on proprietary pattern recognition software that Cadix has been refining for 10 years. Company officials claim it can accept or reject signatures within a second.

Though no banking company has purchased the system, Mr. Hollingsworth said Cadix is in discussions with two financial institutions, which he declined to name.

The company will soon launch a pilot with a credit union, he said.

At least one banker expressed mixed opinions on adding such a product to the bank's operations.

Bruce P. Brett, senior vice president with Signet Banking Corp., Richmond, Va., said that the process of creating a data base containing images of customers' signatures may be impractical.

"I'm generally positive toward any effort to reduce fraud," Mr. Brett said. "I think any bank would be interested in such a system, but I'd question its convenience and reliability."

Although several virtually flawless methods of positively identifying a person exist -- including electronic retina scans and handprint analysis -- none are generally feasible for the banking industry, experts said. …

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