Koodoo, an AI-powered technology provider specialising in financial services, has announced a strategic partnership with Resistant AI, a leader in Document Forensics technology.
This collaboration aims to enhance Koodoo’s Document Checking service, offering a comprehensive solution that not only meets customer document requirements but also employs advanced fraud detection techniques provided by Resistant AI.
The partnership was formed to address the growing sophistication of online fraud, which uses cutting-edge technologies including artificial intelligence. Resistant AI’s recent study, which analysed over 25 million digital documents, highlighted a worrying prevalence of manipulated pay stubs, bank statements, and utility bills. These manipulations pose significant risks in financial services, making early detection vital to protect the integrity of onboarding and underwriting processes.
The enhanced Document Checking technology, powered by AI, adapts and evolves by continuously learning from new data to stay at the forefront of detecting sophisticated fraudulent tactics. For instance, the AI is capable of detecting minor anomalies like unexpected changes in document metadata that could indicate tampering.
This advanced capability significantly improves the depth and accuracy of fraud detection, surpassing traditional methods and reducing the burden on the operational resources of financial institutions. By incorporating AI into document processing, the technology streamlines both the onboarding and underwriting processes, while also bolstering security and compliance—crucial elements in the dynamic environment of today’s financial sector.
Koodoo supports the real estate market by connecting aspiring homeowners with their perfect mortgage. Its generative AI technology also supports customers across various areas of the financial services industry, such as mortgage applications.
Resistant AI, founded in 2019, leverages AI and machine learning to offer identity forensic solutions that protect automated financial services from fraud and manipulation, including customer onboarding, AML, and existing fraud detection systems.
Andrei Lebed, CEO of Koodoo, commented on the partnership, stating, “Our mission at Koodoo is to simplify and empower operational processes by leveraging the latest technology. Combining our domain expertise in mortgages and financial services with Resistant AI’s best-in-class fraud detection solutions puts our customers in the best possible position to streamline their operational processes. Together, we aim to set new standards for efficiency and right-first-time document checking in financial services.”
Martin Rehak, CEO of Resistant AI, also expressed his enthusiasm: “We are thrilled to work with Koodoo to strengthen the protection of their customers against document fraud. In today’s world, the threat of fraud is rapidly increasing and at Resistant we work very hard to make sure that our solution provides a “defence-in-depth” strategy. This approach involves multiple, interlocking layers of detectors that are incredibly difficult to evade even for a knowledgeable attacker.”
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