Can fake bank statements be verified? / How do you find a fake bank statement?
Our bank statement analyzer identifies fraud in two ways.
- Through discrepancies in the metadata (e.g publisher or author)
- By checking the PDF creation date and modification date. A gap of more than 3-5 minutes usually indicates that it has been tampered with.
How do you analyze a bank statement?
The FinBox bank statement analyzer extracts transactions and identity information with the help of machine learning algorithms and pre-defined templates. Once transactions are extracted, recurring ones are identified for ease of analysis.
How does a bank statement analyzer help in the loan/lending process?
Earlier, this process would take at least a day, and our bank statement analyzer has brought it down to less than a minute. We use machine learning algorithms to determine salary and lender transactions which minimize chances of error. Our extensive list of predictors fit into industry standards and can easily be embedded by lenders into their underwriting systems.
What are the formats accepted for bank statements?
Formats in which our clients can upload bank statement are:
- Public URL of a bank statement in PDF format
- Base 64 version of a bank statement in PDF format
- PDF version of a bank statement
What are the details given by the FinBox bank statement analyzer?
Once transactions are extracted from the bank statements, recurring ones are identified for ease of analysis. BankConnect’s bank statement analysis then generates a comprehensive list of details, including month-wise details of credit, debit transactions, the total number of deposits, daily EOD balances, bounced transactions, and more.
What are use cases for bank statement analyzers?
Any lending or renting company can leverage our Bank Statement Analyser.It uses machine learning algorithms to access identity information and transactions. These are then analysed for recurrence, metadata discrepancy and PDF creation and modification dates.
Why choose the FinBox bank statement analyzer?
BankConnect’s automated process drastically reduces TAT and lowers drop off rates by as much as 60%. It leverages state-of-the-art tech and economies of scale to reduce your costs by 50% and generates an exhaustive list of predictors from bank statement data to build sophisticated underwriting models on. Our assisted journey is unique in that it replicates the native netbanking journey in order to minimize drop offs and ensure a seamless user experience.