Fraud grows 17% YoY
- Annual impact of global fraud exceeds $1 trillion
- Every $1 lost to fraud costs $4.23 for US financial service firms
- In 2022, financial service businesses saw a 79% increase in document fraud compared to the previous year
Why is fraud increasing?
Aggressive push toward digitization during Covid
Challenging economic climate (inflation)
Lack of focus on document forgery
FINS & Insurance examples
Money Laundering
Mortgage Fraud
Exaggerated Claims
KYC Challenges
False Claims
Forged Payment Stubs
Increase efficiency of fraud units
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Outsmarting document fraud
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