Fraud detection that automates loss prevention

Veryfi Fraud Intelligence plays a pivotal role in shaping OCR technology that’s capable and proactive. Working with Veryfi OCR API, this synergy between intelligent document processing and fraud intelligence creates an indispensable approach to catch the most creative fraud. The system works in a multi-stage process. Initially, the OCR component scans and extracts text and data from documents with exceptional accuracy. AI algorithms then meticulously analyzes the structured data, scrutinizing every detail from transaction amounts to dates to vendor identification numbers and customer names. The system cross-references this information with historical data 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. Secondly, it enhances compliance by ensuring that financial records are fully adhering to regulatory standards. It then reduces operational efforts by automating fraud detection, saving time 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. Below, see how Veryfi Fraud Intelligence detects both fraudulent and out-of-policy aspects on a receipt: