How Amount Reduced Fraud and Increased Operational Efficiency Using Inscribe

Case Study

Amount is a leading financial technology provider that empowers financial institutions to accelerate their digital transformation.

"The tool is so fast and simple to use that it enables Amount to augment our normal processes and detect fraud much more efficiently."
John Lynch, Senior Director of Fraud & Verification Services
— Amount

23%

Increase in efficiency of document fraud detection

1,000+

Documents uploaded and accurately analyzed for fraud in seconds

CHALLENGES

Amount were looking for a faster way to identify even more fraudulent loan applications

  • Amount fast-growing FinTech had already automated many of its processes for verifying its Bank Partners’ loan customers. However, one key task was still being meticulously carried out by human subject matter experts: authenticating applicants’ incomes and addresses on supplied documents.
  • Verifying the legitimacy of every application and document in such a manual way was taking up enormous chunks of the team’s time. Meanwhile, fraudsters were becoming increasingly proficient at constructing high-quality fake documents that were difficult to detect by the human eye alone.
“We urgently needed to find a faster, scalable process that we could use alongside our human expertise to build greater efficiency in our process, and standardize our risk-screening and decision making.”

SOLUTION

Document fraud detection that delivers unprecedented insights

  • Amount dug deep to find a solution and uncovered a document fraud detection product. They learned that Inscribe was used and trusted by leaders in their industry to detect fraudulent customers with minimal effort and greater accuracy. So they just had to try it.
  • In seconds Inscribe’s document fraud detection product helps Amount verify their bank partners’ customers with less effort and greater accuracy. They get:
  • Speed and efficiency, where documents are processed in 5-10 seconds.
  • Fraud detection rigor, using 20+ fraud detectors.
  • Improved document analytics, with Inscribe's document type, format, and language classification.
  • Enhanced compliance, as documents are automatically checked for key details.
“It’s fast and simple to use and enables Amount to augment our normal processes and detect more fraudulent documents autonomously.”

RESULTS

Added fraud detection rigor and greater scalability

  • In one example, their Fraud Ops team used Inscribe to carry out a retrospective analysis of a complex fraud ring. The fake documentation was so realistic that human specialists hadn’t been able to identify the forgeries. But Inscribe knocked it out of the park, correctly identifying fraudulent documents among 43% of applicants. This equated to a 23% increase in the efficiency of their document detection.
  • Since adding Inscribe into their document review process, Amount has optimized its document review process—enhancing their platform with greater efficiency. This is a huge win, because it enables them to further streamline their operations and enable its bank partners to convert more customers.
“Inscribe helps us identify legitimate applications faster and instantly identify applications that need further attention.”

Read the full case study