Nova Credit launches improved document fraud detection for Income Navigator

Following this announcement, the capabilities were developed in order to optimise the manner in which businesses identify falsified income verification documents with improved accuracy. Income Navigator was developed in order to improve the company’s analysis of both PDFs and images, as well as to detect sophisticated tampering through multiple fraud indicators distilled into clear insights. 

In addition, as document tampering becomes increasingly sophisticated, the company will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. 

More information on Nova Credit’s product launch

Income Navigator was designed in order to reduce reliance on documents by 60% through two key offerings. The solution delivers direct data access, as it connects directly to several financial institutions, providing businesses with the possibility to instantly verify income from the source, and eliminating the overall need to request, collect, and review traditional verification documents. The system also selects improved data sources for each verification, while also maximising both safety and conversion. 

In addition, the product offers intelligent income analytics, as the firm’s processing engine will automatically analyse transactions from FIs and payroll systems in order to accurately identify income, as well as handle everything from traditional salaries to gig economy earnings. When documents are necessary, the optimised fraud detection solution will also deliver improved document analysis. The platform will offer a clear verdict for each document, flagging any potential tampering with specific reason codes that help firms understand verification outcomes. Furthermore, Income Navigator’s technology was designed to extend to image verification, providing broader protection and a 10% increase in conversion.