Fraud is one of the most significant risks many organizations face today, especially in financial operations. Bad actors inside and outside a company can attempt to defraud businesses—and some succeed. The economic losses can be significant, not to mention potential issues stemming from non-compliance with rules and regulations. Good governance and broad controls are a good starting place to mitigate such risks, but you will also need the appropriate capabilities for fraud detection.
The value of and need for tools to detect fraud
According to one study, on average, small and medium businesses that discovered fraud against them lost more than $100,000. The same survey also contained a startling figure: it took about 14 months for most organizations to detect dishonesty. That's true even when the deceit occurs within the organization, such as the accounts payable or purchasing departments.
It's not hard to see how valuable investing in the right tools for streamlining and automating elements of your anti-fraud procedures could be. You could reinforce your processes against bad actors for a comparatively small price while potentially saving the business hundreds of thousands of dollars.
These issues could occur at any time and level. Most who steal from a business attempt to do so piecemeal, often by submitting fraudulent documents. In companies that handle huge volumes of paperwork daily, such forgery could get lost in the mix. That's where AI-powered tools come into the picture.
What makes AI a good fit for the job?
Today's versatile AI tools can detect document fraud or forgery using extensive data sets. Catch deception early by analyzing documents as soon as they enter your business systems. Using AI, you can more easily and quickly detect issues such as:
- Anomalous changes to the text of a document
- Potential alterations to images included in the paperwork
- Errors in document layouts that could indicate outright forgery
- Other inconsistencies compared to known document types
- File-level errors and corruption
You can integrate such capabilities directly into your document workflows with a forgery detection connector to link the Inscribe AI solution to the Kofax TotalAgility automation platform. Integration and setup are straightforward and quick.
Define a watched folder for the utility to monitor, where every document will undergo AI analysis. When the tool detects issues, it alerts the appropriate human employee for a manual review of the problems. Your teams can then focus more on their essential daily tasks, reviewing problem items as needed, rather than spending hours in manual review.
Teams across many industries can benefit from such tools. For example, the public sector and government agencies could save taxpayer dollars by automating vital but costly processes. Others that could help include the healthcare, legal, and financial sectors, plus critical players in the supply chain and technology.
Improve Your Procedures With Advanced Automation Today
Fraud is expensive. It can pose severe risks to the health and reputation of your business when left unchecked and undetected. Today, AI tools and rapid integration with a powerful automation platform combine to provide you with one of the most robust solutions for risk management. Fraud detection doesn't have to be an imperfect and painstakingly manual process that consumes hours of every workday. Discover more today about protecting your organization with TotalAgility connected to Inscribe AI.