Bank statements were one of the most frequently manipulated document type in 2022, so the answer is probably yes. You’ve likely seen a fake utility bill, W-2, and pay stub as well given that they also appeared on the list of top fraudulent documents detected by Inscribe last year.
Recent research found that the average U.S. fintech loses $51M to fraud annually, and it’s not hard to see why: Sophisticated forgery techniques make detecting fake documents almost impossible without the aid of AI-powered fraud detection.
So it’s more important than ever for banks, lenders, and other fintechs to expose more fraudsters by adjusting their risk management strategies and giving those documents a closer look.
Inscribe analyzes millions of documents each year to extract and return key details while detecting any signs of fraud. When we looked at our data from 2022, we found that the top documents manipulated by fraudsters included tax forms (W-2s and CP-575s) and bank statements. We also saw a rising number of fraudulent documents where only cashflow details were altered (and not identity details) — a sign that first-party fraud might be on the rise.
Interestingly, our data also found that the most common day of the week for fraudulent documents to be submitted. Take a look at the infographic below to see more document fraud trends that every fintech should know for 2023.
At Inscribe, fraud detection is in our DNA. We help fintechs and financial institutions stay ahead of fraudsters by using the most sophisticated AI models in the industry. With models trained on millions of data points, Inscribe detects signs of digital tampering, evidence of forgery, and templates purchased online so you can catch things that can’t be detected by the human eye, protecting businesses from fraud and credit losses.
Reach out to speak with one of our experts and learn how to start approving more customers with confidence.