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Fraud Detection and Prevention
How Ocrolus’ Detect uncovers fraud and mitigates losses
7 Dec 2023
All lenders face the challenge of identifying and preventing fraud which can lead to significant financial losses and damaged reputations. This challenge has only grown in scale as fraudsters adopt more sophisticated techniques and technologies.
As an industry leader in financial document analysis, we at Ocrolus are working to stay ahead of the curve with automated fraud detection technology. With a vast dataset of hundreds of millions of documents and cutting-edge AI and machine learning capabilities, Ocrolus fraud detection technology is constantly learning and adapting to the latest fraud techniques.
Detect, our fraud detection capability, was launched in 2022 as a revolutionary solution to proactively uncover fraud and mitigate losses. In 2023, we added several new features and capabilities to give lenders peace of mind.
What Detect does – and how it’s been improved
Detect is a powerful tool for lenders, uncovering fraud and providing high-quality, decision-ready data that minimizes risk and prevents unnecessary losses. With Detect, Ocrolus empowers lenders to make quicker decisions and confidently process more loans by proactively providing clear and reliable fraud indicators.
We place an emphasis on providing detailed signals and visualizations, enabling lenders to make informed decisions using context. For example, a tampered account number is often a much bigger concern than an altered date or even a changed balance.
In the past year, Detect has undergone more than ten key upgrades, continually enhancing its ability to identify threats. The rapid evolution of Ocrolus’ fraud detection capabilities demonstrates our unique ability to adapt quickly, benefiting from our large lender network and dataset. This helps our partners stay ahead of complex fraud schemes that are continually evolving.
"Detect is amazing! We have been able to save millions by mitigating risk and staying ahead of potential loan buy-backs due to fraud."
The latest enhancement: Authenticity Score
Detect’s Authenticity Score provides a holistic view of a document’s authenticity, weighing the context of what was tampered with and our confidence in the signals.
The Authenticity score simplifies the complex process of reviewing fraud signals by distilling Detect’s comprehensive signals into a single, easy-to-understand metric.
Coupled with reason codes that inform the score, Detect’s Authenticity Score provides users the transparency and context they need to make confident financial decisions and adds the potential to optimize and streamline workflows.
What’s on the horizon?
As we continue to improve accuracy and expand detection on images, we are also set to extend Detect’s template detection capabilities to even better identify documents fraudulently generated by a user or template.
Further, we’ll be developing a fingerprinting algorithm that leverages our expansive database for top banks and payment processors to confidently determine if a document has authentic origins.
By leading the charge against both file tampering and generated documents to cover all fraud scenarios, we’re committed to giving our clients full confidence in their financial decisions and helping keep their businesses safe.
Interested in experiencing the power of Detect firsthand? Book a demo and see how Detect can transform your approach to fraud detection and prevention.
Key takeaways
- Ocrolus’ Detect, launched in 2022, leverages AI and ML to proactively uncover and mitigate document fraud in the lending industry and protect against losses.
- Since its introduction, Detect has undergone significant enhancements, including the latest introduction of the Detect Authenticity Score, to provide detailed fraud detection and streamline decision-making processes.
- By continuously improving Detect’s ability to identify and counteract sophisticated fraud schemes, Ocrolus aims to cover all fraud scenarios by combating both file tampering and counterfeit documents, ensuring comprehensive protection for our clients.