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How does VIEWAPP help to detect fraud?

Fraudsters are a serious headache for financial organizations and the problem does not disappear from year to year, although huge efforts and funds are spent to fight it. Fraudsters do not part with dreams of how to easily and quickly defraud an insurance company, a bank or a leasing company, or any other inspection company and escape from fair retribution. Therefore, it is definitely not a good idea to reduce efforts to combat fraud, otherwise the already noticeable damage can turn into very significant losses.

One of its most important tasks is to fight fraud especially in the dawn of artificial intelligence. That's why VIEWAPP has built into its digital inspection platform a whole system of measures aimed at detecting and stopping fraud. Without protection, photos and videos can be easily manipulated and it is not enough to have a single tool to prevent fraud: multidirectional measures are needed, as fraud is constantly evolving.

Of course, fraud can be detected after the fact, which is what many companies have to do. However, this has very significant disadvantages: the company already suffers direct losses from the actions of fraudsters in the form of compensation paid, as well as other costs associated with the investigation. In addition, there are also consequences in the form of distortion in the moment of statistics of profitability and other indicators, and, for example, in the insurance company it can affect the tariffs, which, of course, because of the actions of fraudsters become more expensive. Therefore, it is obvious that it is more profitable to prevent fraud than to deal with its settlement and investigation.

In VIEWAPP a lot is provided to make it practically impossible to falsify the results of a digital inspection. This is not only the absence of the possibility to upload photos and videos of the object from the smartphone gallery, but also the comparison of checksums, geolocation verification, and the use of various smartphone sensors.

In addition, we are sensitive to the specifics of each organization and offer individually additional protection measures that take into account the business processes of the company.

  • If we talk about the sums saved on fraud prevention by digital inspections of VIEWAPP, let's imagine that a company detects at least one case of such manipulations. 

  • For example, the insurer discovers that fraudsters tried to submit one premium SUV for stolen vehicle settlement instead of another - and that's just one case, which already runs into thousands of dollars or euros.

VIEWAPP is digitizing almost all inspections of financial institutions. This means that they will all be performed to the same standard with built-in fraud protection, which will have a tremendous effect in the fight against this evil phenomenon and will result in significant financial benefits.