However, today’s technology makes it possible to leverage AI-powered automation to identify fake bank statements, freeing lenders to spend their time on more strategic tasks. Manual reviews can also expose lenders to potential errors, as even the most experienced underwriters are prone to human error. Not to mention, fraudulent and tampered documents can be undetectable by the human eye. This process often requires multiple steps and reviewers, which can be time-consuming and inefficient. Traditionally, lenders have manually reviewed and verified bank statements and other applicant documents. Lenders with the tools to accurately detect fake bank statements, such as bank statement verification software, can avoid approving fraudulent applications, minimizing business and regulatory risks.

As fraudsters become increasingly sophisticated, and fake bank statement creation services are more readily available, the risk grows for lenders.

When loan applicants submit fake bank statements, lenders must be able to identify fraudulent documents to protect themselves and their bottom lines. As fraud continues to become more rampant, lenders need advanced technology to combat the new generation of sophisticated file tampering techniques used to falsify financial information, such as bank statements.