Take the now-infamous fake heiress Anna Sorokin (AKA Anna Devley): She used photoshop to create fake bank statements in her attempts to defraud financial institutions out of millions in loans. And then there’s former Theranos CEO Elizabeth Holmes, who altered documents to dupe investors into putting hundreds of millions into her company.
New tools and technology have made it easier than ever to commit document fraud. In the past, learning how to falsify documents required venturing into the dark web. Today? Criminals can get by with a YouTube tutorial and simple image editing software. Anna Sorokin said it took “surprisingly little time” to produce counterfeit bank statements, which were never questioned.
The methods used to commit document fraud will continue to evolve. At Inscribe, we’re committed to helping our customers stay ahead of these fraudsters by providing document fraud detection and automation. Our AI-powered software analyzes countless documents every day and catches over $80M in fraud each month — meaning that we’re able to ingest billions of data points and identify trends in document fraud across the financial services industry.
And we want to help you understand how the document fraud landscape is evolving, too. So here are the top trends in document fraud we’ve seen so far in 2022.
Document fraud will always exist in one form or another when it comes to financial crimes. The best anti-fraud professionals are proactive in understanding what techniques criminals are using today, and then adopting emerging technology that effectively detects those tactics..
Inscribe’s leading Fraud Detection & Automation Platform helps you decrease application processing times while reducing fraud. If you want to learn more about how to supercharge your risk and operations teams, contact our sales team for a personalized demo.