Patented Technology Tackles Rampant Fraud in Loan Applications, Helping to Reduce Losses and Increase Revenue
MoneyThumb, a leader in automated document evaluation and fraud detection solutions, was awarded a U.S. patent for its Thumbprint product, an AI-driven technology that enables the authentication of third-party PDF documents.
Small business loan application fraud is a critical problem that leads to significant financial losses for funders. MoneyThumb’s Thumbprint patented technology leverages AI and advanced algorithms to analyze structural, metadata, and content-based patterns within PDF files. By identifying subtle discrepancies and inconsistencies, Thumbprint® helps detect fraud with its AI file tampering detection scoring model that identifies fraudulent activity in seconds, giving funders a powerful defense against risk and loan losses.
Read More: Global Fintech Interview with Beth McCoy, President of RewardOps
“Receiving approval for our patent reinforces MoneyThumb’s position as a trusted innovator in document analysis and authentication,” said Ryan Campbell, chief executive officer of MoneyThumb. “MoneyThumb’s Thumbprint® technology has been around for a while and continues to evolve—it’s unlike anything else on the market. By formally protecting our IP, we’re not only strengthening our unique approach but also advancing the fight against digital document fraud across industries like lending, finance, law, and real estate.”
Automation in lending has become mission critical for staying competitive. Funders who embrace automation position themselves to better serve their customers and expand their lending capabilities. MoneyThumb is transforming the lending industry by leading the shift from manual document processes to full automation. Its advanced technology streamlines data extraction and analysis, enabling funders to make faster, more accurate decisions.
Over the last year, MoneyThumb’s Thumbprint has reviewed more than 10M statements and identified over 500,000 fraudulent or altered documents.
Approval of the company’s U.S. patent marks the first ever patent to cover the authentication of third-party documents when access to the original is not available.
Read More: Finance Leaders Reveal The Hidden Costs of Legacy Expense Management Systems
[To share your insights with us, please write to psen@itechseries.com ]
