White Paper: The Threat of Serial Fraud

 

 

“Serial fraud," where criminals use automation to mass-produce and distribute fraudulent documents at an industrial scale, is a growing threat for financial institutions, bypassing traditional checks in document automation workflows. 

This white paper delves into the different forms of serial fraud, digging through actual real world examples to reveal its surprising scale through data analysis, identifies the perpetrators (from online template farms to organized crime), and outlines a layered AI defense strategy essential for effective detection and prevention.

Key topics covered:

1. Defining serial fraud: Understanding what constitutes serial fraud, its two main types (decentralized vs. concentrated), and how it weaponizes automation.
2. The scale & manifestations: Exploring the prevalence of serial fraud with real data, showcasing diverse examples across images, scans, screenshots, generative AI, and stolen documents.
3. The fraud ecosystem: Identifying the producers of serial fraud, from widely accessible online template farms serving individual fraudsters to sophisticated, high-impact operations run by organized crime.
4. Layered defense strategies: Detailing how to combat serial fraud effectively using a multi-layered AI approach, including document forensics, comparative analysis across submissions, behavioral analytics, and ongoing monitoring.