Ocrolus launches comprehensive fraud detection solution for lenders
Ocrolus Detect can help lenders minimize risk and prevent unnecessary losses
NEW YORK, September 12, 2022 /PRNewswire/ — Ocrole, the document and data analytics platform that enables lenders to make faster and more accurate lending decisions, today announced the launch of Ocrolus Detect, a comprehensive fraud detection solution for lenders. Detect provides high-quality, decision-ready data that can help lenders minimize risk and prevent loss.
Lenders traditionally perform a manual document review to inspect for falsified files, document manipulation, inconsistencies, and other suspicious activity. This long, tedious and error-prone process can lead to significant losses. Ocrolus Detect automates fraud workflows, providing detailed signals and clear visualizations of fraudulent activity undetectable to the human eye.
“Detecting fraud is mission critical to our business, and Ocrolus is uniquely qualified to provide a comprehensive lending-focused anti-fraud solution,” said Zack Whitaker, Risk Operations at AtoB, a fintech modernizing payments infrastructure for trucking and logistics. “Fraudulent behavior must be detected in our underwriting process and Detect has proven to be a very effective analysis tool for our team.”
Detect shows where file tampering occurred on a document, what fields were changed, and how they were changed to provide the level of context needed for more informed loan decisions. Detect also visualizes file tampering on received documents and can often retrieve the original document so fraud analysts can easily spot changed fields.
Ocrolus processes millions of loan documents each week, allowing the company to train its machine learning models with a unique and nuanced understanding of file structure and key data. During a client beta program, Detect accurately uncovered four times more potential fraud than a major competitor.
“As the lending industry transitions to digital loan application processes, fraud is increasing rapidly and becoming harder for humans to detect,” said John Forrest, Vice President of Product at Ocrolus. “Detect enables lenders to quickly and confidently process more loans by proactively providing them with clear and reliable fraud signals.”
Detect is generally available today as part of Ocrolus’ premium package. To learn more about Detect or to schedule a demo, visit: https://www.ocrolus.com/product/detect/.
Ocrolus is a document automation platform that powers the digital lending ecosystem, optimizing credit decisions in small business, mortgages and consumer lending. The company provides document analysis infrastructure to clients such as PayPal, Brex, SoFi, Blend and Plaid. Ocrolus enables financial services companies to make high quality decisions with reliable data. By enabling lenders to automate financial analysis, Ocrolus helps borrowers access credit faster and on better terms. The company has raised more than $100 million blue-chip fintech investors. Visit ocrolus.com to learn more.