Veratad Technologies, a global leader in identity verification, has unveiled VeratadAI℠, its new suite of AI-powered services designed to elevate identity verification and fraud prevention. The launch includes two innovative solutions: VeratadAI+Extract℠ for data extraction and VeratadAI+Protect℠ for fraud detection, both seamlessly integrating with existing verification systems through Veratad’s VX orchestration platform.
1. VeratadAI+Extract: Advanced Data Extraction
- AI-powered LLMs replace traditional OCR technology, offering superior accuracy in understanding context, language, and visuals.
- Collaborates with top-tier document verification vendors for precision and compliance.
- Self-reflection methodologies select the most accurate data, improving both data extraction and analytics.
“VeratadAI+Extract is a transformative leap in data extraction,” — John E. Ahrens, CEO, Veratad Technologies.
2. VeratadAI+Protect: Fraud Prevention
- Protects against account creation fraud by identifying duplicate account attempts.
- Uses AI to analyze both identity documents and facial features, ensuring accurate fraud detection.
- Reduces costs by minimizing unnecessary verification processes and ensures a smooth experience for legitimate users.
“VeratadAI+Protect is essential for combating account fraud and promotion abuse,” — Thomas Canfarotta, VP of Product.
3. How VeratadAI Enhances Identity Verification
- AI integration with industry-leading verification vendors ensures seamless adoption without disrupting clients’ existing systems.
- VeratadAI’s solutions improve data accuracy, enhance fraud detection, and optimize verification workflows.
4. Industry Impact
- With the rise of fraudulent account creation and promotion abuse, VeratadAI provides critical tools for businesses to protect their platforms while ensuring efficiency.
VeratadAI’s innovative services, VeratadAI+Extract and VeratadAI+Protect, offer a next-generation approach to identity verification and fraud prevention. By leveraging advanced AI techniques, Veratad is ensuring greater accuracy, security, and cost-effectiveness for businesses looking to combat fraud while improving their verification processes.
