ForensiFile

Digital File Fraud

Scams are up and hitting their targets more often

Fraud is an all-too-common problem that impacts Fortune 500 companies, small businesses and consumers alike.

Its cost runs into the $100s of Billions annually. While fraud takes many forms, an important subset of the overall problem involves the files and documents that we all use every day. 

Altered and falsified documents are used to perpetrate insurance fraud, mortgage fraud, wire fraud, identity theft, cyber fraud, employee theft and other frauds that create enormous liabilities for companies. Increasing use of AI is expected to make the issue of document fraud all the more challenging.

Falsified documents are used to facilitate fraud by consumers, in business-to-business relationships, by corporate insiders and by cyber criminals. False and altered documents including invoices and timecards, often represented as pass-through costs, are routinely paid by clients. The amounts paid under these schemes can easily run into the $Millions before they are discovered and may cost $10s of Millions to investigate and litigate. Indeed, in the mortgage industry, the cost of fraud has almost never gone down since LexisNexis Risk Solutions started tracking it.

The Problem is Growing

And, the problem is growing. In the mortgage industry, for example, the number of fraud attempts rose from 2019 to 2020 and, on average, while only 36% of attempts resulted in fraud loss in 2019, over half of the fraud attempts (55%) resulted in fraud loss in 2020. 

Contact us so today that we may learn more about your unique needs and arrange a demonstration of the ForensiFile solution. Our team stands ready to work with you and your organization.