Inscribe - document fraud detection made easy

by Startacus Admin

 

Detecting fraudulent documents just became a whole lot easier thanks to innovative startup Inscribe and its machine learning and digital forensics solution

The environment created by the pandemic has been perfect for fraud. All kinds of applications and approvals have moved from being done in person to being done online, where information can’t be questioned and may not even be seen by an actual person who can pick out discrepancies a basic computer check cannot. 

It is important then - especially with so much uncertainty about how much will go back to the way it was in early 2020 and how much will remain as it is now - to find a way to combat this fraud.

Dublin- and San Francisco-based startup Inscribe has created the technology to do this. Using machine learning and digital forensics, the platform is able to identify fraudulent documents and prevent the loss of money. 

The startup is being used by bodies such as banks and payment processors to prevent fraud in account openings and money lending, among other things, and they say the platform’s growth has been twelvefold year-over-year due to the takeup necessitated by the mass move to online. They say that they are currently preventing over $40 million in document fraud every month thanks to this technology, which accounts for 3-5% of high-value online applications. 

The platform searches through documents not only looking for the obvious, such as whether the same document has been previously submitted and is being passed off as new, but also more subtle details like changes in fonts or red flags in the metadata. It’s fully automated and can parse the information it sees and match it to what’s on file, and can conclude whether it is accurate and genuine in a fraction of the time it would take a human - and with more accuracy.

In April, Inscribe announced that it had raised $10.5 million in a Series A round led by Uncork Capital, Foundry Group, and Crosslink Capital, together with participation from Y Combinator. The funding will go towards creating 30 jobs in Dublin over the next 2 years, as well as expanding the product based on customers’ needs and feedback.

 

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• #fraud
• #
• #machine learning
• #ai
• #forensics

Published on: 24th May 2021