Tips from risk experts from Airbase & Rapid Finance: Fighting fraud with less in 2024
86% of risk leaders plan to use LLMs, but half don’t know where to start.
Risk experts Patrick Lord (Rapid Finance), Preston Miller (Airbase), and Daragh McMeel (Inscribe) recently shared the fraud threats risk teams need to be aware of, the cost-effective strategies they’re using to fight fraud within their own organizations, and how they’re using AI now — and what they’re planning for the future.
Here are some key moments and insights from this recent webinar…
Fraud trends & threats:
- 7 minute-mark: Businesses are shifting how they think about fraud loss — it’s no longer an acceptable cost of doing business. CFOs are increasingly interested in fraud management strategies due to shrinking margins, the macro environment, public fraud cases, and the rise of generative AI.
- 15-minute mark: Previously approved customers who passed KYC/KYB checks and had positive repayment histories are now altering documents to hide bad spending habits. Inscribe found similar findings in this year’s 2024 Document Fraud Report.
Cost-effective strategies:
- 27-minute mark: Even if you have an unlimited budget, you’ll never have unlimited time, so it’s important to evaluate how human teams can work with machines to make them more efficient. Talking about fraud openly (in Slack channels, blameless post-mortems, etc.) is just as important as having the right team and tech in place.
- 32-minute mark: Make the topic of fraud interesting to your entire organization. Publicize your wins and celebrate the people who were responsible, but also publicize your losses (and learnings), without mentioning the people involved.
Using AI now and in the future:
- 44 minute-mark: Think about how AI can automate low-value work and help your team understand all the data points available to them. AI should be able to serve up insights that help your team make fast decisions.
- 50-minute mark: AI Agents represent the very near future of operational work, especially for Risk teams, because they can synthesize information across apps and other data sources almost instantly.
You can watch the full webinar recording here. And, you can learn more about AI Agents and the impact they’re going to have on risk teams in this blog post written by our CEO & Co-Founder, Ronan Burke.
If you’re ready to take the next step in fighting document fraud with cutting-edge AI solutions, Inscribe can help. We’re here to help you along your AI journey. Schedule time with us to learn more.
