Being long in the industry, they have accumulated many use cases on document fraud. From what they told me, there are more than 40 document frauds that they have identified and trained the AI on. In the Philippines, which is probably not updated when it comes to document fraud, knowing that there are so many gives them a sense of assurance. The banks I speak with do not have data scientists. Having all this AI trained on such a number of document frauds already puts them ahead of the fraudsters. Most of the banks here are currently exploring either developing from the ground up or acquiring a package. Resistant AI Document, given its track record with major financial institutions here and the number of document fraud cases it has, provided them with much more compliance with the anti-money laundering requirements they are pursuing. They have strengthened fraud detection and eliminated financial mules in their database. I believe they have improved in terms of strengthening fraud detection because of the patterns they see. There are still a lot of false positives, but it gives them much more accuracy in terms of detecting fraud. The Anti-Money Laundering Council in the Philippines requires reports on a more periodic basis, and in terms of compliance, they are now able to provide such reports on a quicker turnaround time.
