Fortiro wins Award for Document Fraud Detection
Australian developer Fortiro has won 2024 “Startup of the Year” for helping Australia’s leading banks, non-bank lenders, insurers, payment providers and gaming companies automate document fraud checks and financial verification.
At the 2024 Startup Daily Best in Tech Awards was recognised for its role in revolutionising document fraud prevention and reducing friction for customers, brokers and financial services businesses.
“The ‘Startup of the Year’ is one of the most hotly contested categories, with more than 40 entries,” said Startup Daily editor, Simon Thomsen.
“What impressed the judges about Fortiro is it’s solving a problem that’s now costing billions of dollars in terms of financial fraud. It uses artificial intelligence in a clever way to detect issues such as document tampering and saves time for both financial institutions and customers.
“Add a strong growth story alongside a disciplined approach to costs and an enterprise client base and it’s clear Fortiro is building a winning combination for its future success”, Thomsen added.
Fortiro’s solutions help streamline key processes that traditionally rely on supporting documents such as automating the approval of loans and insurance claims. By removing the need for manual reviews and ensuring document authenticity, customers enjoy faster payouts, while lenders and insurers gain a competitive edge through an improved customer experience.
Fortiro’s technology has been instrumental in helping financial services institutions such as Pepper Money and Bank Australia enhance their fraud detection and automate key processes, enabling faster loan approvals.
“Winning this award is a testament to our relentless focus on innovation and our commitment to solving critical industry challenges,” said Sean Quagliani, Co-Founder and CEO of Fortiro.
“We are proud to be recognised for our leadership in this space, and we look forward to continuing to help our customers eliminate manual document reviews, reduce fraud and deliver an exceptional customer experience.”