Effective Strategies for Lenders to Identify Fraudulent Bank Statements

As widespread fraud continues becoming more rampant across the world, lenders require access to advanced technology solutions like bank statement verification or financial fraud detection tools to combat the all-new generation of high-end file tampering methodologies. These fraudulent mechanisms are used for falsifying financial information like bank statements. 

In a typical banking scenario, when a loan applicant tends to submit fraudulent or fake bank statements, lenders should be capable of identifying fraudulent documents towards protecting themselves and the respective bottom lines. As fraudsters continue becoming more advanced and sophisticated, along with the rapid availability of fake bank statement creation services, the risks only rise for lenders out there. Lenders having access to reliable tools for financial fraud detection or bank statement verification software solutions can minimize the risks of approving fake statements. It also helps in reducing the chances of regulatory and business risks.


Importance of Bank Statement Verification for Lenders 

Conventionally, lenders used to manually review as well as verify bank statements along with other documents of applicants. The process of manual bank statement verification will require multiple viewers and stages. Therefore, it can turn out to be quite time-consuming and inefficient. At the same time, tampered and fraudulent documents are undetectable to the human eye in most instances. Manual reviews are also able to expose lenders to prospective dangers or errors.  

With the modern cutting-edge technological advancements, it is possible to leverage the capabilities of AI-powered automation for identifying fraudulent or fake bank statements. This helps in freeing lenders while allowing them to focus on more strategic decisions. 

Lenders Identifying Fake Bank Statements 

Fake bank statements mostly tend to resemble the original documents. In the modern era, fraudsters are working upon their fraudulent techniques by leveraging high-end technology. For instance, some cybercriminals make use of deep fakes -capable of blending AI and Machine Learning for fabricating videos, photos, and audio quite accurately. As a number of fraud-based techniques are becoming available and developing rapidly, it is becoming quite challenging for lenders to detect possible signs of file or bank statement tampering. 

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Signs of Tampering on Bank Statements or Documents 

Even with the rising sophistication and fragility of fake bank statements, there are several common signs of document tampering. If the lender observes any of the following, it will indicate a fraudulent bank statement: 

  • Incorrect Totals: Go through the calculation on unverified documents or bank statements. The calculation might be incorrect or inaccurate if the same is fake. For instance, the figures for every deposit that has been listed should add to the numbers listed as the total deposits.  
  • Inconsistent Font Size: The existing font size on the fraudulent bank statement might be slightly smaller or larger than the font size used by authenticated financial institutions. 
  • Inconsistent Font Type: A fraudulent document or bank statement might use a font type that is quite different from the font type used in legitimate documents. In most cases, the difference turns out to be quite subtle that only in-depth financial analysis is capable of catching it up. 
  • Typographical Errors: Fake statements usually feature common typos that are absent in a bonafide bank statement. 
  • Round Numbers: Actual figures of a bank statement will rarely end up in round figures. Therefore, you will mostly come across unverified bank statements featuring figures that are perfectly rounded. 

While the human eye is capable of detecting some levels of frauds, manual fraud detection is not reliable. It cannot be regarded as the primary line of defense against common frauds related to bank statements. Due to this, the utilization of advanced, automated AI solutions like a reliable bank statement verification software can be a great option to identify a fake statement -both efficiently and accurately. 

Strategies for Lenders to Spot Fake Bank Statements 

For most types of loans, lenders are expected to verify a huge volume of financial bank statements. In some cases, lenders have to verify around two years’ worth of bank statements. In some cases, the lenders might reach out to the concerned bank to ensure the verification of account numbers, names, and amount deposited. However, the process of manual verification will eventually slow down the underwriting process significantly.  

Experienced lenders are used to verifying bank statements with the help of a reliable bank statement analysis software solution. Automated solutions like bank statement verification systems make it simpler to expedite the entire verification process while ensuring that the underwriting process is as efficient as possible. The right automated solution can help in eliminating the requirement for staffers to ensure regular phone calls. Rather, they can simply make use of the automated machine learning technology to compare different bank statements to multiple other statements. 

For instance, Perfios offers access to the best fraud detection and bank statement verification solutions. With the revolutionary bank statement analyzer by Perfios, lenders are able to analyze complex bank statements by blending powerful technologies with an advanced learning technique to offer real-time analytical capabilities.  

When lenders make use of automation to identify a fake bank statement, they can obtain the following benefits: 

  • Identifying Frauds Quicker: The use of automated solutions is helpful in eliminating the requirement for manual verification of financial statements. 
  • Detection of Frauds: Perfios is capable of alerting lenders around four times more fraud in comparison to automated solutions.  
  • Elimination of Human Errors: AI is capable of detecting frauds that human eyes are not able to detect.



As fraudulent activities -especially in the finance and banking sectors, are becoming more widespread and advanced, lenders should be proactive in detecting fraudulent bank or financial statements to maximize the accuracy of their financial decisions. With Perfios, lenders can be at a peace of mind that the automated fraud detection and bank statement verification technologies are can help in identifying fake statements or documents.  

Perfios offers the assurance that documents can be processed on the go while detecting fake statements effectively. Lenders are able to process as well as verify crucial bank statements within minutes with Perfios.

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