Fraud is a problem that can affect any business in virtually any industry. The impacts of fraud-related events can be substantial, leading to financial losses, problems with regulatory compliance, or even the public's loss of confidence in a brand. In sectors such as the legal arena, government and banking, detecting fraud early is not just a means of safeguarding the operation—it's also a matter of the law. Could AI fraud detection software be a solution?
Fraud detection is not always easy, even when you have some awareness of the warning signs. Chasing down leads and conducting the necessary research can be time-consuming, and human error can sometimes lead to red flags going unnoticed. Introducing an element of automation—and powering it up with a trained AI model—helps avoid these problems.
With a purpose-built Resistant.AI connector to Kofax TotalAgility, integrating a powerful solution for fraud detection is straightforward. Here are the primary reasons why investing in AI fraud detection is worthwhile, and explore how it can directly benefit your organization.
Why is Document Fraud Detection So Important?
Individual bad actors and criminal enterprises have access to more powerful tools for committing fraud today than ever. Document forgeries created using sophisticated computer tools (or even less advanced methods) pose a particular problem today. Forged documents accepted as genuine can circumvent key controls and lead to the inadvertent facilitation of unlawful action.
With that in mind, firms must launch a proactive effort against fraud for three reasons:
- It protects the business from potential legal liabilities.
- It contributes to satisfying compliance requirements.
- It safeguards those doing business with or through your firm.
A powerful tool from Resistant.AI integrated into TotalAgility can help.
How Does Fraud Detection AI Sound the Alarm on Forgeries?
There are always patterns in document forgeries and manipulations, and AI can be trained on genuine document examples to recognize these patterns and detect problems. The Resistant AI uses various factors to evaluate documents. At advanced levels, AI can follow user-defined guide-lines for acting on document decisions. The elements used include:
- Detecting poor quality that can be signs of manipulation, such as blur or image noise.
- Known document qualities, including the source of the document image, page layout and more.
- Matching to legitimate documents and verifying the software used to create a document.
- Matching to existing, known examples of forgery/fraud.
Where and When Can You Use Fraud Detection AI?
Today's tools are well-suited to several anti-fraud tasks critical for compliance. There are three primary use cases to consider. The first is Know Your Customer, or KYC, compliance. This process ensures you understand those with whom you do business and verify the legitimacy of their actions. Anti-money laundering recognition is another critical use case, especially in the financial or legal sectors.
Finally, the most simple but important case is protecting your business from financial losses incurred through fraud.
Resistant AI and Kofax TotalAgility: An Integrated Solution
Training AI on legitimate documents and deploying it as part of an automated compliance workflow introduces many opportunities for process improvement. Manually examining every document your business receives through all its channels would be an exhausting, overwhelming task. With TotalAgility, orchestrating that process often involves work to ingest and process documents—so it's a natural fit to build fraud detection into the process.
The Kofax TotalAgility connector to Resistant AI can afford your firm several benefits contributing to smarter, safer business processes. What are the advantages available to you?
- Streamline the fraud detection process. Automate one of the most time-consuming back-office tasks by equipping your teams with an AI that understands the documents you work with and knows how to spot irregularities. Enjoy more insight and oversight throughout the process. Fine-tune the system to meet your specific needs.
- Gain control over loss due to fraud. Forgeries that go undetected can lead to many financial losses for a business. It could come as actual theft from a firm or lead to losses for a client or partner. Fines for violating KYC or AML regulations can also be a problem—but intelligently automated detection can help to control these risks.
- Release skilled human teams to more valuable tasks. Instead of continuing to rely on purely manual processes, automate and delegate. While the AI works in the background, rapidly checking documents as your systems ingest them, you can refocus your skilled employees towards additional work that contributes additional value to your efforts.
- Automatically route suspicious documents or suspected forgeries to your fraud team. Set up the AI to make decisions based on your criteria or route critical issues directly to the appropriate individuals within your business. Verify accuracy and take action as needed faster and more reliably.
Fully integrated into Kofax TotalAgility, the connection of this technology with your other systems allows for the effortless and rapid movement of documents through your business systems.
Expand Your Capabilities with the Kofax Marketplace
Stopping fraud before it begins is essential in today's global and interconnected environment. With the power of AI in intelligent process automation, you can position your firm to identify potentially problematic documents and flag them for further review. By introducing automation into the compliance process, you reduce errors, build agility into the workflow, and enhance your response to fraud.
The result is a safer, more effective organization. Getting started is easy, too. When you already have TotalAgility working in your organization, ex-tending its functionality with tools such as the Resistant.AI connector is straightforward—simply download it from the Kofax Marketplace, a hub for digital assets to expand your capabilities.
In the Marketplace, you can easily find connectors for everything from AI fraud detection software to other document intelligence tools and much more. Find out more about extending your Total Agility deployment with Resistant.AI integration today, or see how else you can enhance the value of your existing investment.
