Through the collaboration, Koodoo's financial services clients may use a “one-stop-shop” solution that verifies customer documents against specifications, gathers data, and employs Resistant AI's technology to look for indications of fraud.

Advanced solutions are needed to combat fraud as online fraudsters use more complex techniques and new technologies, such as artificial intelligence. Ten percent of bank statements, seven percent of utility bills, and eight percent of pay stubs were found to have been modified, according to a recent Resistant AI study that examined over 25 million digital documents over the course of six months. Since most financial services onboarding and underwriting procedures rely on these documents, it is imperative to look for indications of manipulation early in the customer journey to help lenders save time later on.

The enhanced Document Checking system makes use of AI's flexibility, constantly picking up new skills from fresh data and developing to keep up with increasingly complex fraudulent tactics. AI, for instance, is capable of spotting minute anomalies, including sudden changes in document metadata that may indicate manipulation. This capacity considerably reduces the time and effort strain on the operational resources of financial institutions while improving the accuracy and depth of fraud detection well beyond what can be achieved with traditional methods. AI integration into document processing guarantees a higher degree of security and compliance, which is essential in the quickly evolving financial landscape of today. It also expedites the onboarding and underwriting procedures.

"Our mission at Koodoo is to simplify and empower operational processes by leveraging the latest technology," said Andrei Lebed, CEO of Koodoo, expressing his excitement. Our customers are best positioned to optimize their operational procedures when we combine Resistant AI's industry-leading fraud detection solutions with our domain expertise in mortgages and financial services. Together, we want to raise the bar for financial services efficiency and first-time, accurate document verification.

"We are thrilled to work with Koodoo to strengthen their customers' protection against document fraud," says Martin Rehak, CEO of Resistant AI. Since fraud is becoming a bigger issue in today's world, we at Resistant go above and above to ensure that our solution offers a "defence-in-depth" approach. This method uses several overlapping layers of detectors that are very challenging for even an experienced attacker to avoid.