As digital technology evolves on a daily basis becoming more and more accessible to everybody, the number of tools in the hands of fraudsters is constantly growing. For this reason, online crimes are now one of the most concerning issues for a great number of businesses.
Real estate, insurance, trading, wealth management, along with many other industries have to invest a great amount of time and resources in the fraudulent document detection process, analyzing documents for customer due diligence procedures, trying to detect manipulation as rapidly and effectively as possible.
Most of the time, back-office operators need to review huge volumes of PDF files, diverting time and energy from more productive tasks and working under pressing and difficult conditions. In order to address these rising concerns, Sensity has elaborated a number of new AI-Powered solutions to automate the whole detecting process, explicitly designed to be extremely user-friendly. With the help of our tools, every business can easily win the fight against fraudsters.
In this blog post, we will analyze the dangers of document forgery and explain the most common methods used by criminals, focusing on how our document fraud detection software works.
Document Fraud Detection: A Difficult Challenge
Did you know that most of the financial frauds involve the simple manipulation of documents? Just think about the great number of papers we have to produce on a daily basis in order to complete ordinary financial and bureaucratic operations, and you’ll have an idea of the millions of documents a fraudster could potentially forge.
Furthermore, in the last two years, the pandemic has hastened the adoption of every type of online transaction, making this type of crime skyrocketing at record highs. The trend will certainly increase in the near future, extending the field in which criminals can operate.
From reviewing an Invoice to signing a mortgage or an insurance contract, to even operating in the trading sector, requiring documents and forms is a fundamental part of the work of public offices and private businesses for completing their due diligence procedures.
Usually, the process involves the production of PDFs, which have to be filled with customers’ personal or financial information. Fraud managers need them to accurately check the integrity of the document by detecting signs of manipulation. This objective isn’t always easy to achieve, especially if the number of forms is high and the whole document fraud detection procedure is not automatized.
PDF: A Vulnerable Format
Until just a few years ago, learning how to alter a document required a deep dive on the dark web. Now everything is changed: criminals don’t need to be technology experts or invest much time or resources to falsify documents.
In fact, they can easily find the tools they need with a quick online research: all it takes is picking one of the many image editing software available for free, a good tutorial, and in a few minutes almost any document can be manipulated. Every PDF file is potentially at risk, even if it is scanned, in a number of different ways: from using Photoshop or Canva to Adobe Acrobat Pro.
Bank records, including payments, deposits and debit card transactions are particularly vulnerable, and can be modified for a number of fraudulent reasons, like demonstrating false cash inflows. The results of this kind of criminal activity are enormously dangerous and can cause huge economic losses, endangering the reputation and financial stability of entire businesses.
Simple, Fast And Efficient: Sensity’s Document Fraud Detection Software
If the tools in the hands of fraudsters to forge a PDF document are quite simple to obtain, on the other hand a business often cannot find and blacklist criminals from their onboarding process without the help of an automated process of fake document detection. Simply visualizing a document is not enough to identify a possible hidden threat.
Sometimes, a fake number or signature could even be included in an otherwise legit text. For this reason, we have created a simple, fast and efficient document fraud detection software that could wipe out these sorts of menaces and speed up the work of back-office employees. By uploading the document they need to review, operators could use it in a very intuitive way and stop manually reviewing tons of papers every day.
How It Works
Once it has memorized and classified the customer document formats, our document fraud detection software uses OCR technology, automatically extracting key details such as name, place of birth, dates, salary, etc. comparing and matching them with the personal information present in the customer profile. The fake document detection app also guarantees that documents are still valid and up-to-date, and issued within the time range required for application processes. Furthermore, to detect if there has been an alteration at pixel level.
This is one of the key features of our solution, as it makes us able to scan the document’s history to see if it has been previously saved with a photo editing software. It also spooks if metadata highlights present other inconsistencies. With cutting-edge computer vision techniques, the tool highlights potential pixel manipulations on the image such as splicing of dates, numbers, or deletions of other information.
All these tools provide a silver bullet against fraudsters, for whom it will be almost impossible to breach into your system with manipulated documents. By adopting our document fraud detection software, businesses no longer have to worry about these sorts of attacks and can be sure to build a safe and effective shield against one of the most common financial threats.
For more information on our AI-Powered solutions against document fraud, contact us here:
