Resistant AI and Instabase have joined forces in a strategic partnership to combine their expertise in financial crime prevention and unstructured data automation, respectively.
Resistant AI specializes in AI and machine learning-powered financial crime prevention, utilizing advanced algorithms to detect and mitigate financial fraud within digital documents, such as pay stubs and bank statements.
Instabase is known for its AI Hub platform, designed to manage and process large volumes of unstructured data, enabling comprehensive workflow automation. It excels in handling extensive, unstructured data sets and integrating them into functional workflows.
This partnership aims to address the increasing demand for robust safety measures in response to rising document fraud, particularly in document processing workflows. It focuses on countering the technological arms race in fraud detection, especially in safeguarding digital Know Your Customer (KYC) documents and enhancing risk management while improving customer experiences.
The collaboration will deliver Resistant AI’s Document Forensics through Instabase’s AI Hub platform to validate and authenticate digital KYC documents. Their joint effort will scrutinize over 25 million digital documents, targeting the identification and prevention of money mule account creation associated with peer-to-peer (P2P) fraud, thereby enhancing security for both risk management and customer interactions.
An analysis by Resistant AI revealed alarming statistics, including 8% of pay stubs, 10% of bank statements, and 7% of utility bills showing signs of fraudulent manipulation in the past six months. This partnership aims to provide a more robust defense against such financial crimes.
By FCCT Editorial Team
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