Those are ambitious and worthwhile objectives. But finding the right middle ground that allows you to achieve all three can be tricky; you can’t reduce your operations costs in a way that diminishes your fraud defenses, but you also can’t increase your fraud defenses to the point that it keeps you from approving good customers.
So what advice do I have when they come to me with this challenge?
Simple: Use Inscribe’s document automation. The AI and machine learning behind it allows our customers to decrease the time it takes to review application documents and detect more fraud — all without adding additional headcount or complicated processes to your operation.
Keep reading to learn more about how integrating Inscribe via API can streamline success for your team.
Data from the millions of documents sent to Inscribe shows that in 2022, 10% of documents submitted via an online channel have been manipulated. The combination of Inscribe’s automation and fraud detection act together as the first line of defense by immediately checking documents for signs of digital tampering, comparing identity against blocklists and known fraud databases, uncovering evidence of common forgery techniques, and checking for falsified templates being found online.
Fraud signals are detected within seconds, and your team members receive automatic alerts when a specific document needs to be reviewed. Some of our customers use our API to configure a Slack alert that is sent to their fraud team when a document is flagged. Others set up their workflow so that a task or ticket is created in their internal ticketing system (such as Zendesk).
Not only does this allow your team to focus their attention and effort on the documents that need it the most, but you save time by reducing the back and forth that would normally occur when documents are sent between teams for further review.
It can take your team anywhere from 2-30 minutes to review a single document — a truly time-consuming task! It’s also quite a subjective one, often requiring justification for decisions and leaving room for human error.
Inscribe enables your team to automate their review process, while providing them with clear reasoning behind their accept/reject decisions. Features like our Trust Score allow you to set thresholds to auto-accept and auto-reject documents based on your own risk appetite. Many of our customers use Inscribe’s automation to set rules that auto-accept any applications with a Trust Score about 75 and auto-reject any of those with a Trust Score below 25.
Using Inscribe’s Trust Score in this way reduces the number of documents that need to be manually reviewed by 54%. You can also set the criteria for when you want a document flagged for further review (such as a Trust Score range, document date, or any other criteria that would normally prompt your team to give something a second look).
In addition to searching for signals of fraud, your manual review teams are performing a number of other routine document checks required for accuracy, KYC, KYB, and other compliance requirements. This slows down application processing times and frustrates your potential customers who are waiting on approvals — putting you at risk of losing your competitive edge.
However, Inscribe can save your team 200+ hours a week and help them get through the backlog of applications by automating the review, classification, parsing, and verification of document details. You can use our Decision Engine here, as well, to ensure each of your business’s unique and specific requirements are met (such as the need for documents from within the last 3 months).
Last, but certainly not least, integrating Inscribe can save you time on requesting and collecting documents. Our Collect feature makes it easy to request specific documents and gives your applicants instant feedback if what they submit doesn’t fulfill your requirements (i.e. if they submit the wrong document type, a document that’s more than a year old, a document that has a different name or address, etc.).
At Inscribe, we believe that you don’t have to suffer through time-consuming document reviews to verify details and detect fraud. Our platform can help you make the fast, informed decisions needed to approve more customers and be the hero for your fraud and risk teams.
Want to learn more about Inscribe? Contact our sales team for a personalized demo.