The French document fraud specialist Finovox is expanding to Belgium. This marks the company’s next step in its European growth strategy.
Finovox, a French company specializing in document fraud, is now making its automatic false document detection solution available to Belgian companies. The launch follows earlier rollouts in France and Luxembourg. According to the company’s own study, 65 percent of Belgian companies have already dealt with document fraud. Yet, four out of ten companies still do not employ specialized detection tools.
Increasing fraud
The most common form of document fraud is invoice forgery, accounting for 37 percent of cases. Its financial impact is tangible: 25 percent of affected companies see between one and five percent of their turnover lost to fraud. For 28 percent, the losses are even higher.
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Although 85 percent of Belgian companies indicate that fraud prevention is among their top three strategic priorities, a large portion of them remain under-equipped. Meanwhile, almost 23 percent of Belgians say that all their fraud attempts succeed.
AI to lower risk
Finovox offers an AI-based solution that, according to the company, can reduce document fraud by up to six times. The software analyzes various documents such as identity cards, pay slips, and contracts. The technology is already used in sectors such as finance, insurance, real estate, and retail.
The software complies with European GDPR rules and international standards such as ISO 27001 and ISO 27701. Finovox emphasizes that the solution fits within Belgian compliance requirements. With the expansion to Belgium, the company aims to address the growing need for reliable document verification.