They take advantage of turmoil and confusion by masquerading as honest customers or even victims, knowing that their suspicious activities will go unnoticed. We saw this happen not too long ago with the pandemic: an estimated $64 billion dollars in PPP loans issued show signs of fraud.
And in the wake of SVB (and others), fraudsters will once again attempt to capitalize on the chaos of the moment. They’ll likely use fake or forged documents to try to join the leagues of former customers in applying for business loans, credit cards, and other financial products.
Arming your organization with rigorous KYC/KYB checks to fight fraud is more important than ever, especially if you accept documents as part of your account opening or underwriting process.
In 2022, financial services companies saw a 79% increase in document fraud. Fraudsters can quickly purchase fake documents online or use sophisticated image-editing software to alter documents in ways that are almost impossible to detect — making document fraud easy to accomplish, but difficult to catch.
At Inscribe, we’re helping companies outsmart fraudsters by leading the way in AI-powered document fraud detection.
Because we’ve combined the power of artificial intelligence with the world’s largest and most diverse network of documents, we’re able to make invisible fraud signals visible and catch more than $80M in fraud each month.
When you detect fraudulent documents with Inscribe, you can catch fraud from the onset. Whether someone has altered their identity information or inflated their bank balance, detecting just one fraudulent document could save you hundreds of thousands of dollars.
Inscribe will not only tell you if there's suspicious evidence in the metadata, but you can use our X-ray feature to compare what the document looked like before it was tampered with. You'll see things like the original name, date, address, and bank balance of a document before a fraudulent manipulation. Our proprietary “fingerprint” detector quickly compares the embedded text in a document provided by an applicant with what the embedded text should look like in a True PDF from specific banks and other institutions.
Learn more about how we’re helping Plaid, Ramp, Bluevine, and other industry leaders mitigate document fraud and reduce losses by reaching out to speak with an expert from our team.
Our hearts go out to everyone affected by the events of the past week. Inscribe is working closely with our customers to ensure that they continue to have access to our services and support team during this difficult time. We’re energized by the collaboration and resilience we’ve seen from the startup and fintech communities, and we’re here to help in every way we can.
- Your friends at Inscribe
Inscribe is built for risk and ops teams, but we’re happy to discuss your use cases and needs. Simply request a personalized demo and a member of our team will reach out to schedule time with you.