Identity verification tool from Veratad emerge as fraudulent document cases surge

Identity verification technology is improving to counter increasingly sophisticated fraud tactics, including document forgery. Developments by Veratad highlight a growing focus on leveraging artificial intelligence to enhance fraud detection capabilities, which is highlighted by Regula, VideoSign, and Entrust reports.

Veratad’s tools to strengthen identity verification and fraud prevention

Veratad Technologies has introduced a suite of identity verification tools under the VeratadAI brand. The initial offerings, VeratadAI+Extract and VeratadAI+Protect, aim to improve the accuracy of document verification and bolster defenses against fraudulent activity. Both services are integrated with Veratad’s VX orchestration platform.

VeratadAI+Extract replaces traditional Optical Character Recognition (OCR) with Large Language Models (LLMs) to analyze and extract information from identification documents. By interpreting context, language, and visuals in a manner similar to human cognition, the tool works on delivering precise data extraction.

“VeratadAI+Extract is a transformative leap in data extraction,” says John E. Ahrens, CEO of Veratad Technologies.

“By combining human-like AI understanding with top-tier verification vendors, we deliver unmatched accuracy without requiring clients to change their existing systems.”

VeratadAI+Protect targets fraud prevention by identifying repeated attempts to create multiple accounts using the same identity.

“With the rise of account creation fraud and promotion abuse, VeratadAI+Protect is essential,” says Thomas Canfarotta, vice president of product.

“By leveraging the latest AI tools, VeratadAI+Protect empowers our clients to effectively detect and block multiple account creation attempts. This not only safeguards their platforms but also reduces costs by preventing unnecessary verification processes, all while ensuring a seamless experience for genuine users.”

Document fraud on the rise

A report by Entrust revealed a 244 percent year-over-year increase in digital document forgery, highlighting a shift from physical counterfeits to digitally altered credentials.

Regula highlights this trend, noting that other industries continue to grapple primarily with fake document fraud as their leading threat.

VideoSign paints a similarly troubling picture, revealing a sharp increase in digital document fraud over the past year. Digital forgeries now comprise 57 percent of all document fraud, reflecting a 1,600 percent rise since 2021.

Article Topics

deepfakes  |  digital ID  |  document liveness  |  Entrust  |  fraud prevention  |  generative AI  |  identity document  |  OCR  |  Regula  |  Veratad  |  Videosign