Inscribe Helping Financial Institutions Mitigate, Resolve A $20B Fraud Problem

Inscribe released new features to help financial institutions combat fraud losses.

What To Know: The development comes as the leading fintech for fraud detection and risk management looks to bolster risk mitigation initiatives at financial institutions.

Inscribe’s new features include AI-powered image fraud detection, a secure document collection portal and enhanced automation features (OCR, data extraction, classification, and matching).

“Fraud is now the number one problem faced by fintech and financial institutions today, but the traditional approach to solving this doesn't work; restricting access to financial products based on a few data points prevents people from obtaining funds they truly need,” said Inscribe co-founder and CEO Ronan Burke.

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Why It Matters: Inscribe’s analyses suggest that more than 10% of all financial application documents submitted in an online channel are manipulated.

In light of this increase in fraud, Inscribe posits that AI-powered methods, as well as other data sources like cash flow and transaction data, help better authenticate and analyze risk.

“These AI-powered innovations from Inscribe allow companies to actually reduce fraud losses and automate manual reviews while better understanding customer creditworthiness and increasing their decision accuracy," Burke added.

Going Forward: Alongside a Series A round, the company saw more than 500% year-over-year growth in 2021.

In 2022, Inscribe plans to expand on its mission of addressing emerging problems within the financial services industry.