According to AllianzTrade, in 2022, 7 out of 10 companies would have been affected by an attempted document fraud in France. Document fraud is a sneaky threat that compromises both the financial health and reputation of your business, regardless of the industry in which it is located. So what are the risks of document fraud for your business? How to fight fraud sustainably? Let's find out in this article.
Document fraud: definition
Document fraud is a deliberate act. It refers to the creation and then use of falsified or fraudulent documents by an individual. Its goal ? Deceive a company or individual in order to obtain illegitimate advantages or commit criminal activities.
For example: falsifying a pay slip to qualify for housing.
Document fraud affects all sectors of activity. From banking, through insurance, real estate and even e-commerce platforms. It represents the third largest criminal industry in the world behind drug trafficking and prostitution, according to Bank magazine.
💡Did you know?
20% rental files include a false document in Paris and the inner suburbs. A figure which rises to 10% in the rest of France. (ImmoDirect study)
The main risks of document fraud for your business
Document fraud has a clear financial impact on businesses. However, it represents other risks including:
Financial losses 💸
One of the most obvious risks of document fraud is the loss of money. When fraudulent documents are used to obtain improper payments or to misappropriate funds, your business can suffer significant financial losses. These losses can be direct, through fraudulent payments, or indirect.
Waste of time ⏱️
Document fraud can cause considerable loss of time for your business. The time required to identify and investigate document fraud is extremely time-consuming. Your teams are wasting time on their high value-added tasks.
Relationship and reputation 🤝
Your company's reputation can be damaged in the event of document fraud. Customers, business partners and investors may lose trust in your business if it is perceived as vulnerable to fraud. A bad reputation is difficult to repair and can lead to loss of customers and business opportunities.
These long-term effects can have a lasting impact on the health of your business. It is then important to limit them. How to do ? Let's find out.
How to limit the risks of documentary fraud internally?
To fight against document fraud, it is necessary to surround yourself with experts in detecting false documents and set up an anti-fraud unit within your company.
What is an anti-fraud unit and what is its role? 🤔
This is generally a team dedicated to the detection, prevention and management of fraudulent activities. It has several missions such as:
- monitoring and therefore identifying suspicious activities;
- training staff regarding these fraudulent activities;
- the development of procedures for fight against fraud ;
- cooperation with experts in the field of document fraud;
- adoption and use of new technologies such as false document detection software solutions to optimize performance.
This software is a real asset for companies of all sizes and in all sectors wishing to combat document fraud. But then what type of software to adopt?
Finovox: the ideal tool to fight against document fraud
Finovox is a fake document detection software available in SaaS or API format. It allows companies to detect, identify and explain any type of document fraud in two clicks. The solution is developed using proprietary artificial intelligence which analyzes in particular the data structure, metadata and the quality of the information obtained in the documents. In this field, we call this coherence and visual analysis. Thanks to this analysis, it is possible to uncover document fraud in a few seconds, on 100% documents.
Beyond this analysis, Finovox allows you to understand and share where the alteration of your documents is located. You can investigate directly on the platform, but you can also recover using a summary sheet. This is available in PDF format and allows you to add information to a legal file or send it. You thus avoid documentary fraud while being able to source it, explain it and estimate the amount.
Are you curious to know more about our solution? Contact our experts!
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