Building on the launch of its “self-certifi” remote asset inspection platform, verifi continues to break new ground to support asset finance lenders with the launch of its latest tech; spuuf.
Available as part of its latest platform deployment, verifi has answered the growing problem of fake asset imagery being submitted to lenders to support new lending and in-life checks.
Another game changer from verifi
verifi’s revolutionary self-certifi inspection platform gives lenders confidence to permit borrowers, brokers, and supplying dealers to undertake their own asset inspections to support new lending and in-life portfolio management. Sending an inspector to site is no longer required.
Increasingly, lenders are falling prey to borrowers and other intermediaries submitting fake photos of assets underlying finance proposals or live agreements.
Since launching in 2023, verifi has inspected thousands of assets for its lender clients and has witnessed a growing number of inspections being submitted where photos are taken of the asset on a screen (photos of photos). In some cases, these photos could even be “deepfakes” i.e. CGI or AI rendered images.
Rapid advancements in the quality of modern displays and of cameras on the latest mobile phones means that these photos can be virtually indistinguishable to the human eye and look very real. The fact is, however, the person submitting the photos during a virtual asset inspection is not in front of the actual physical asset. This can indicate that it either doesn’t exist, it is not in their possession and control, or has been sold out of trust.
spuuf leverages agentic AI models that autonomously assess, analyse, and reason about the authenticity of photographic imagery, in real-time at the point the photographs are taken.
By combining pixel-level forensics, sensor metadata, and presentation artifact detection into a unified model, spuuf can detect even the most sophisticated forms of photo manipulation and provide an additional trust layer for remote asset inspections.
Once detected, verifi automatically notifies the lender via a “spuuf alert” giving them the best opportunity to take immediate and informed risk-based decisions.
In today's landscape, asset finance lenders are increasingly recognising the need to prioritise digital transformation to remain competitive. This includes leveraging technology to streamline processes, improve customer experience, and reduce risk. verifi’s self-certifi inspection platform is an integral part of this digital transformation. Building on this, the introduction of spuuf enables lenders to:
Automate manual processes: reduce the time, effort, and mistakes involved in reviewing and verifying photos, freeing up valuable human resources for more strategic activities
Enhance risk management activities: make more informed decisions about finance approvals and in-life assessments, using data-driven automated insights and demonstrating to funders and regulatory bodies the adoption of a robust and proactive approach to preventing fraud
Improve customer experience: provide a faster and more seamless experience for customers to provide supporting asset information, while maintaining the highest levels of security and compliance.
verifi co-founder, Jonathan Garnett, comments: “The asset finance sector is undergoing a significant shift, driven by the need for digital transformation, increased efficiency, and enhanced risk management, all against a challenging backdrop of margin pressure, higher interest rates, and ever-increasing competition to provide the best customer experience. Lenders are under pressure to adapt. However, we must recognise that the digital shift which is happening also introduces new risks, such as the increasing use of fake or manipulated photos to obtain finance or evidence compliance with in-life audit requirements. That's why we're excited to introduce spuuf, a cutting-edge machine learning tool designed to detect fake photos in real-time and further protect lenders using our inspection platform from potential losses arising from manipulated information about their assets. It is well understood in the industry that the cost of even a single fraud can have disproportionate consequences on the performance of an otherwise healthy asset lending portfolio. verifi was established with a single mission: to help lenders put eyes on vastly more assets than ever before. Our roadmap is focused on continuing to develop and deploy new technologies to improve a lender’s ability to identify and manage their operational risk.”
verifi platform: how does it work?
verifi's platform works by creating a closed environment for recording ultra-high quality imagery and collecting asset-specific data tailored to the type of asset being inspected. All of this is done in real-time using a mobile device.
The platform then utilises agentic AI and multimodal reasoning to perform checks on the inspection data and reports back to the lender to assist them with their verification of the existence and condition of the asset they are financing.
The inspection application also collects various meta-data such as geo-location information, meaning it continuously records the time and location of where the asset inspection was performed. The lender will be automatically alerted if, for example, the asset is not in the location it is expected to be.
The “closed system” nature of the technical environment in which the inspection is undertaken is designed to prevent misrepresentation and fraud because it continuously processes, with millisecond-level latency, multiple data objects obtained from the mobile device being used to perform the inspection. Additionally, photos have to be taken on device in real-time as the inspection is being carried out; the system does not allow images of assets from any other source to be uploaded (e.g. from the device’s image gallery). spuuf provides a powerful enhanced trust layer by ensuring the photos are real.
If you would like to arrange a demo of the platform and inspection tools, please contact verifi at info@verifiassetprotection.com or Schedule a Demo
