How Does Informed Fight Fraud?
At Informed, we’re committed to staying ahead in the fight against fraud. We’ve recently honed our ability to spot misrepresentation in bank statements, paystubs, and other critical documents to help our clients avert credit loss from false information. Just over the past few months, we’ve detected tens of thousands of fraudsters for our clients in reviews of over 60 million loan documents.
What sets us apart is our ability to detect false information along three vertices. First, is Informed’s capabilities with vertical AI, machine learning expertise, and our unique consortium of auto documents. Our lenders provide us with examples of suspect documents, and then we used advanced AI techniques to identify a multitude of document anomalies. We also proactively scour the internet for thousands of fraud templates. Our advanced AI technology plays a crucial role in our detection capabilities, uncovering duplicate documents, missing dates on bank statements, incorrect fonts, and more—fraud indicators that might elude traditional detection methods.
Second, Informed can recognize false meta data in digital income documents to know the document has been altered after its creation. Third, but most importantly, is Informed’s ability to leverage its unique data set generated over millions of income documents reviewed over the last seven years, to detect false information inside of a bank statement or paystub. Even if the template is copied to perfection, Informed can find instances of transactions within bank statements or line items in paystubs that have been stolen from other sources and replicated.
Mitigating Risks of Generative AI to Defend Against Fraud
Generative AI has given fraudsters powerful new means to generate legitimate looking pay stubs, bank statements, and other income statements. To keep pace in this arms race against deception, lenders need solutions to identify the unique data makers and anomalies that can distinguish a fake document from a real one. That’s where Informed.IQ comes in.
Informed plays a valuable role for lenders who are not AI/ML experts and looking to leverage this technology to fund loans quicker, lower the cost to fund, and to improve compliance. We offer tools such as Informed Defender, as well as compliance dashboards to catch fraud, monitor and mitigate AI risks. Our solution adds a layer of defense against the use of generative AI, by identifying inconsistencies in pay stubs and bank statements and notifying the lender in real-time of potential mis-representation.
The Benefits for Lenders
By embracing these enhancements, lenders stand to gain substantial benefits:
- Increased Automation: Streamlined processes and reduced manual intervention.
- Lower Reporting Costs: Efficiency gains translate into financial savings.
- Reduced Operational Expenses: Fewer resources spent on fraud investigation and resolution.
- Lower Fraud Rates: Heightened vigilance leads to fewer instances of fraud slipping through and the credit losses that come with them.
Conclusion
Informed is poised to elevate your fraud detection and prevention efforts to new heights. By harnessing the power of data and advanced technology, we can fortify your operations against the pervasive threat of fraud in the auto lending industry. Let’s work together to safeguard your business, streamline operations, and enhance overall profitability. Contact us today to discuss how we can tailor our solutions to meet your specific needs and empower your business for sustained success in a rapidly evolving market landscape.
