With the launch of Detect, Ocrolus aims to help lenders minimize risk and avoid unnecessary losses by providing detailed signals and clear visualizations of fraudulent activity. Instead of requiring lenders to manually review documents for discrepancies and tampering, Detect automates fraud workflows.
Ocrolus, a document automation platform that powers the digital lending ecosystem with capabilities such as classification, capture, detection and analytics, announced September 12 that it has launched Detect, its comprehensive fraud detection solution for lenders. Detect is available as part of Ocrolus’ premium package.
With digitization, fraudulent behavior is on the rise. Lenders who manually check documents for discrepancies and tampering have disadvantages in the form of error-prone and time-consuming processes that potentially lead to losses. Detect, on the other hand, automates this process, showing, for example, where a document has been tampered with and which fields have been changed to provide the necessary context for informed lending decisions.
John Forrester, SVP of Product at Ocrolus, said: “As the lending industry shifts to digital loan application processes, fraud is rapidly increasing and becoming more difficult for humans to catch. Detect enables lenders to quickly and confidently process more loans by proactively providing them with clear and reliable fraud signals.”
As part of its core business, Ocrolus processes a huge volume of lending documents on a weekly basis. This allows the New York-based company to train its ML models with a unique understanding of file structure and key data.
The full press release can be found here.
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