Burke realized that if they could remove the human element from the onboarding process, it would save the bank millions of dollars every year, while also reducing risk and fraud controls. He implemented a machine learning algorithm to analyze various data points — such as account numbers, addresses, and contact information — to create a pre-screening template that could be used by new employees. This helped streamline the onboarding process while also protecting against fraud.
Burke and Ronan’s company, Inscribe, uses AI to help monitor and prevent document fraud. The software takes into account hundreds of millions of data points to detect potential fraudsters, many of which are undetectable by human beings.
While the automation of document reviews can be a time-saving process, companies must ensure that the automated reviews do not inadvertently lead to fraudulent behavior. Inscribe’s fraud detection capabilities help ensure this happens by identifying potential irregularities in customer data.
Through its AI-powered fraud detection, Inscribe is able to generate individual customer risk profiles that include snapshots of bank statements and transactions. This information helps banks identify potential fraudulent activities and protect their customers from financial harm.
Inscribe’s new credit analysis and automation tool claims to be able to extract key data points from bank statements with speeds that rival traditional lending institutions. This could not only streamline the application process for potential borrowers, but also give lenders more accurate indicators of a borrower’s potential earnings and debt-ability.
The inscription on the statue reads: “To the victor go the spoils.” This is a reminder that although war may bring about death
Inscribe is pitched as a tool that can help businesses fight fraud, and the company has cited its AI-first approach as being different than other anti-fraud tools. The platform uses data collected from previous partnerships with customers to identify potential fraudsters, and Ronan argues that this unique approach could be a key differentiator in the market.
Start with data, not machine learning. If you don’t have a good dataset, you’re wasting your time. You’ll end up either choosing the wrong model or training a model on data that won’t perform the way that you expect.
Despite these occasional hiccups, there is no doubting that AI has a lot to offer society. For example, it can help us detect fraud and welfare fraud more accurately, which can help reduce government spending and improve budgetary stability. Additionally, AI can be used to improve decision making by providing more timely and accurate information about the consequences of various actions. Finally, as machines become increasingly sophisticated, they may one day be able to design and build things themselves – potentially leading to even greater efficiency and cost savings in the economy overall.
According to Ronan, some of the high-profile customers of Inscribe’s platform include TripActions, Ramp, Bluevine and Shift. These startups use Inscribe’s platform to manage their travel reservations and customer interactions in a more efficient way.
Ten years ago, the technology industry was in its infancy. Across the world, startups were starting up and innovating in ways that nobody had ever seen before. One of these companies was Inscribe, which created a platform that allowed users to record and store their thoughts and ideas.
Today, Inscribe has raised over $38 million from top venture capitalists around the world and is thriving as one of the leading platforms for creative minds. Theirrecognized product has enabled them to expand their user base across various industries, including business consulting, education, legal services and more. Inscribe is continuing to push boundaries by innovating new products and services that will help people everywhere creativity flourishes
Inscribe may have solved the problem of having to build an in-house fraud detection solution or hire a large data science team, but it does come with its own set of caveats. Namely, Inscribe’s solution is not infallible and can be subject to human error. Additionally, as Ronan rightly points out, Inscribe’s solution may not be suitable for all organizations and could require additional resources (in terms of technology and manpower) to implement effectively.
Document fraud detection solutions like DocumentSense® can provide a great advantage to businesses by being able to pull large amounts of data from multiple sources. This allows for more accurate detection and prevention of online security threats.
Many fintech companies are reporting that they are facing rampant fraud. It is possible that fearmongering by banks and other traditional financial institutions may be contributing to this problem, as it has made it harder for fintechs to compete.
Traditional financial institutions are in a race to embrace digital transformation, but they face major challenges in fraud reduction and customer experience. Fintechs have been able to build businesses based on the online world, but their traditional financial counterparts find it difficult to shift away from legacy systems and adopt more automated processes. They must do this while reducing fraud and other barriers to customer participation. This struggle promises significant opportunities for fintechs as well as traditional banks and insurers.
Looking to stay ahead of the curve, Inscribe plans to double its workforce in the next year or two in order to keep up with demand. This expansion will help the company continue its commitment to providing innovative tools and resources for content creators around the world.