This process often requires multiple steps and reviewers, which can be time-consuming and inefficient. Traditionally, lenders have manually reviewed and verified bank statements and other applicant documents.
Lenders with the tools to accurately detect fake bank statements, such as bank statement verification software, can avoid approving fraudulent applications, minimizing business and regulatory risks. As fraudsters become increasingly sophisticated, and fake bank statement creation services are more readily available, the risk grows for lenders. When loan applicants submit fake bank statements, lenders must be able to identify fraudulent documents to protect themselves and their bottom lines. As fraud continues to become more rampant, lenders need advanced technology to combat the new generation of sophisticated file tampering techniques used to falsify financial information, such as bank statements.
