The most dangerous AI output in financial services is not one that looks wrong. It is one that looks right, but isn’t. Over the past few months, clients have been asking us a fair question: “Can’t we just upload customer bank statements into ChatGPT or Claude and get the same result?” It’s a fair question. […]
Not fraud in general & Not identity theft… …but document manipulation. SABRIC reports that vehicle asset finance fraud applications more than doubled in 2023, resulting in 𝗥𝟭𝟯𝗯𝗻 in losses. The LexisNexis True Cost of Fraud study shows that for every 𝗥𝟭 lost to fraud, South African businesses incur an average cost of 𝗥𝟯.𝟲𝟰. In unsecured short-term lending, we estimate roughly 𝟮% of […]