Proof Launches AI-powered Fraud Detection Tool
May 30, 2024
Proof launched a fraud detection product powered by artificial intelligence (AI) built to combat the $81 billion in annual losses in the U.S. caused by falsified records, forged signatures, and identity theft.
When someone signs a document or makes an authorization, there is little protection against impersonation or forgery. These transactions carry enormous economic value but also create billions of dollars in liability for businesses when documents are falsified.
With the launch of Defend, Proof brings trust and certainty to every agreement and customer interaction by actively detecting more than 100 risk signals to identify fraudulent activity at every stage of the transaction. When they use Defend, businesses receive a risk score for every transaction, highlighting specific fraudulent issues behind every authorization, signature, notarization, or identity verification. Defend is purpose-built to detect traditional forms of identity fraud as well as emerging methods like synthetic identities and deepfakes. Coupled with Proof Certificates, Defend allows businesses to trust that both the people and the documents involved in a Proof transaction are valid and secure.
Soon, businesses will be able to set custom fraud policies to manage specific risks, according to their business needs. With the ability to identify fraud in real-time, Defend allows customers to block or approve a transaction and also set policies that automate decisions. If potential fraudulent activity is detected, Proof will automatically step up identity verification to meet a company's unique business requirements for any transaction.
"We couldn't be more excited about this game-changing technology that Proof is bringing to its platform," said Aaron Davis, CEO of Florida Agency Network. "Real estate fraud threatens the integrity of our industry. As a title agency, we sit on the front lines and we need tools like Defend to ensure that we can protect our customers' most precious assets with the documents we collect, get signed, and notarize at the closing."
Defend can identify attempted forgery across all types of transactions. When Defend learns of new behaviors and attacks, it can reduce the operational overhead of internal fraud teams by automatically remediating risks, reducing the cases that need to be manually reviewed and ultimately helping more customers securely sign with their identity. The platform leverages thousands of data attributes sourced from the Proof platform, credit networks, identity databases, public records, and other proprietary sources.
Proof has executed more than $374 billion of real estate transactions and billions more across other industries, including financial services, retirement, wealth management and commercial lending.
"Electronic signatures have significantly increased convenience by eliminating paper. However, real estate transactions rely heavily on these digital documents and records, so it's crucial that the integrity of an electronic signature can be trusted and that it's verifiably not forged," said Paul Hurst, chief innovation officer at First American. "Defend and the Proof platform will help the real estate industry combat the rising challenges of seller fraud, deed fraud, and impersonation."
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