Insyts.ai Launches Online Verification Feature to Keep Fraudsters at Bay

Educational Material

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20 June 2022

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Author: Gift Mamabolo

Globally, financial institutions continue to face one of the oldest white-collar crimes, fraud. According to international banker John Manning, the global banking system has faced a huge number of fraud attackers in recent years. These attacks have managed to steal billions of dollars from lenders on a yearly basis.

To respond to this crisis, their development team has been hard at work, looking for ways to close off any fraudulent actions on their insyts.ai platform. This is to make sure that all small and medium-sized enterprises (SMEs) that register on the platform have their businesses verified before they can be referred to potential lenders.

This new feature on their registration page will allow users to add their Companies Intellectual Property Commission (CIPC) registration certificate. Once uploaded, the system will run Optical Character Recognition (OCR) in the background and automatically fill the registration form. The user would need to verify that the data captured is correct and viola, the registration is complete.

According to insyts.ai Data Analyst, Itumeleng Mashishi, the CIPC feature has been developed to provide a smooth onboarding process on the platform.

In the past decade, advancements in technology and the digital financial platform have made breakthroughs in the fight against fraud. This verification feature will go a long way in not only instilling trust in their artificial intelligence platform but also in growing their network of lending partners that depend on their system to access SMEs who need financial assistance in a secure and vetted manner.

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