Mar 19, 2023
Announcing redaction at scale for brokers & lenders
Fortiro, the leader in enterprise document verification and fraud detection, launch a fully automated document redaction capability; to protect sensitive data and inspire trust between businesses and customers.
The capability launch comes at a time when there is a heightened awareness of data security risks by both applicants and custodians of personal information.
Redaction is a key step in document verification
It’s well known that document collection and verification is a pain point for all parties. Aside from being highly manual, these tasks can add days if not weeks into a loan decision time, and create multiple handoffs where manual reviews take place.
Document collection and verification often include:
- Sourcing documents from the borrower
- Classifying and reviewing the documents
- Matching income information from the document back to the application
- Reviewing documents for fraud
- Redacting documents
- Filing documents correctly
You can read our post on Document Verification for a deep-dive into these steps.
Privacy Act changes create greater penalties for data breaches
With the recent well-reported data breaches and changes to the Privacy Act, consumer expectations and government penalties have risen sharply. A major data breach will now land a business a minimum $50M penalty.
So aside from being a key verification step, redaction can also minimise the impact if a data breach does occur.
Document redaction a pain point in lending
Redaction is a common activity for brokers and lenders – back when the majority of loan documents were submitted as physical documents, lender, broker or bank staff manually redacted documents by grabbing a permanent marker and scratching out sensitive information, before uploading and attaching it to the borrower’s application.
Today, not much has changed. Documents are submitted online, but redaction is still an important document verification activity which is performed manually.
Instead of grabbing the permanent marker, many businesses:
- download sensitive customer documents to their computer from an application system or Loan Origination System (LOS)
- open the file in a document editor such as Adobe Acrobat or Apple Preview
- scroll through each page and manually apply a redaction square
- save the file to their PC
- attach the file back onto the LOS or application system
This process is completely manual and as a result is slow and carries risk. Putting aside the multiple handling points of sensitive customer data, staff may not redact all data points, and they might miss documents. Redacted documents are also difficult to fraud check.
Lack of automated, integrated solutions – until now
We’ve built our redaction capability because our customers have told us there is nothing out in the market to solve this problem. And it’s an important problem to solve.
Manually redacting using desktop software is slow, carries risk and is not scalable.
Using Fortiro, organisations can now:
- Fraud check documents using deep, industry-leading algorithms
- Automate income verification from documents such as payslips
- Automatically redact documents to protect sensitive customer data
Our automated redaction runs alongside other important verification activities, so you can expect to receive auto-redacted documents within about 30 seconds from submission. Much quicker and easier than performing redaction manually.
Save time, save costs and remove risk by automating your document verification. Learn more about the redaction capability of Fortiro on our Fortiro Redact product page.
Get a demo today
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