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
A high volume of missed fraud due to significant and expensive manual labor costs along with basic technology approaches that only focus on metadata manipulation.
Automation Hero Advantages
The first AI pixel anomaly detection along with unique re-submission detection capabilities both internally and as part of a consortium.
Higher fraud detection with fewer resources.