AI-powered technology provider for financial services Koodoo has partnered with Resistant AI to upgrade the former’s Document Checking offering. This collaboration integrates Resistant AI’s Document Forensics technology into Koodoo’s platform, providing financial services customers with a comprehensive solution for document verification and fraud detection.

According to Koodoo, the increasing sophistication of online criminals, leveraging advanced technologies including AI, has heightened the demand for robust fraud detection solutions. According to a recent study by Resistant AI, which examined over 25 million digital documents in the last six months, approximately 8% of pay stubs, 10% of bank statements, and 7% of utility bills showed signs of manipulation. Given that these documents are fundamental to most financial services onboarding and underwriting processes, early detection of manipulation is crucial to saving time and resources for lenders.

How can AI help? The enhanced Document Checking technology leverages AI's adaptability, continuously learning from new data to stay ahead of evolving fraudulent techniques. AI algorithms can identify subtle irregularities, such as unexpected variations in document metadata, indicating potential tampering. This capability significantly improves fraud detection accuracy and efficiency, while reducing the burden on operational resources within financial institutions.

Koodoo's official press release further details that integrating AI into document processing not only streamlines operational processes but also improves security and compliance. Officials from Koodoo emphasised the company's commitment to leveraging technology to simplify and empower operational processes in the financial services sector. They highlighted the partnership with Resistant AI as a means to set new standards for efficiency and accuracy in document checking.

In turn, representatives from Resistant AI underscored the importance of strengthening customer protection against document fraud in the face of increasing threats. They brought up Resistant AI's 'defence-in-depth' strategy, which employs multiple layers of detectors to enhance fraud detection resilience. .