Fraud detection that automates loss prevention

Beyond never using humans-in-the-loop to read documents, Fraud Detection API creates a formidable defense against complex Fintech and CPG scams.

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Fraud detection API

Trusted by companies from seed → scale

ANNEX CLOUD with OCR powered by Veryfi APIs RIPPLING with OCR powered by Veryfi APIs MERKLE with OCR powered by Veryfi APIs VMIA insurance company using OCR powered by Veryfi OCR API PEPSICO with OCR powered by Veryfi APIs

Don’t Be a Fraud Statistic

  • 39%

    fraudulent documents are circulating

  • 55%

    are manually and digitally altered documents

  • $117K to $1.7B LOSS

    Fraud costs companies of all sizes anywhere from $117K to $1.7B of losses in revenue, profits, and permanently denigrated security and public image.

How Fraud Detection API Works

Within Veryfi OCR API’s intelligent document processing, fraud detection plays a pivotal role in making the OCR technology not just smart but also vigilant. This synergy combines the precision of OCR with the ingenuity of AI, creating a multifaceted approach to catch even the most creative and elusive fraudulent activities. Fraud detection within Veryfi OCR API is a multi-stage process. Initially, the OCR component scans and extracts text and data from documents, invoices, receipts, and various forms of financial records with exceptional accuracy. This structured data is then meticulously analyzed by AI algorithms, which scrutinize every detail, from transaction amounts and dates to vendor information and customer names. The system cross-references this information with historical data and established patterns to identify anomalies and inconsistencies.

These anomalies could range from unauthorized transactions and manipulated figures to suspicious alterations in document details. By continuously learning and adapting, the AI component of Veryfi OCR API becomes increasingly adept at recognizing even the most sophisticated fraudulent attempts. The benefits of this integrated approach are manifold. Firstly, fraud detection significantly minimizes financial losses by identifying and preventing fraudulent transactions in real-time, mitigating risks for businesses and individuals. Secondly, it enhances compliance by ensuring that financial records are accurate and adhere to regulatory standards. Furthermore, it reduces the operational burden by automating the detection process, saving time and effort that would otherwise be spent on manual checks. Ultimately, the combination of OCR and fraud detection not only makes financial document processing intelligent but also fortifies it against the ever-evolving tactics of creative criminals, ensuring greater security and peace of mind for users.

Watch demo: capture and extract with fraud detection

Fraud Detection API issues a range of warnings and attributions to stop fraud right in its tracks.

  • Document Velocity

    API detects any high or abnormal amount of submissions from a specific device across timeframes. High velocity from a specific device indicates fraud almost 100% of the time.

  • Manipulated Handwriting

    API detects handwriting in specific fields in the submitted document. OCR with AI is able to discern when fields are being fabricated in receipts, bank checks, statements, and any kind of document.

  • Manipulated Photos

    API detects submitted fake documents that are photos of LCD monitors and screens. Using AI, the API flags the submitted image as NOT a document and stops document processing.

  • Duplicate Document

    Using algorithms detecting image similarity and text, API detects dupes of a previously submitted one. It also mitigates current and future risks from each distinct case of fraud using meta.is_duplicate field.

Match made in heaven: Fraud Detection + ∀Docs

∀Docs extracts every imaginable document. Check it out.

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veryfi anydocs ocr

Process your docs in less time than it takes to read this.

See for yourself.
from veryfi import Client
my_client = Client (). config_receipt ( "api-key" )
receipt_doc = my_client. doc_from_path ( "/path/to/receipt.jpg" )
parsed_receipt = receipt_doc. parse ( "receipt" )
Mobile Capture SDK
$ node server.js && veryfi listen
> Ready! Waiting for requests…
2022-09-04 13:54:57 [ 200 ] 2022-09-04 13:54:57 [200] receipt_data.created
2022-09-04 13:54:57 [ 200 ] charge.succeeded
2022-09-04 13:54:57 [ 200 ] receipt_data.succeeded

Customers are leveraging Fraud Detection API.

At the moment of document capture using Veryfi Lens, Fraud Detection–using real-time signals checkers–bounces faulty documents and stop them from getting extractions and stops you from getting charged. Embedded into Veryfi OCR API, Fraud Detection flags fraudulent fields to stop theft of time and resources in their tracks.