'

Startup uses AI and machine learning for real-time background checks

AI and machine learning can produce background checks on people and companies in minutes instead of days.

Video: Ethics and responsibilities of AI: Should limits be placed on tech?

When a background check on an individual or company is needed, it can be a long, drawn-out process.

Documents tend to be manually compiled by human analysts and can take over a week to produce.

Read also: Sift Science releases account takeover prevention tool

They tend to be manually analysed, which can lead to restricted coverage of data sources.

Unfortunately, the day after a check is conducted, the information becomes no longer relevant, inaccurate or out-dated -- an unacceptable lifespan for that amount of work.

Now, an Israeli start-up reckons it has the solution to dramatically cut down the length of time for background checks.

Israel-based Business Intelligence start-up Intelligo utilises a software-as-a-service-based model for organizations to conduct automated due diligence and background checks with an accuracy nearing 90 percent, according to the company.

Its solution, Clarity, uses AI, machine learning, and text analytics to capture and analyze structured and unstructured data points from thousands of sources.

It simulates the thought process of an analyst to extract meaning, find connections, and raise red flags, producing background reports for organisations. Users can access their searches and continuously monitor research subjects.

Its software collects data from web sources, adverse media, databases, blacklists, legal records, and social media.

Algorithms verify the identity of the research subject, and the AI and machine learning analysis engine produces a report identifying red flags, enabling leaders to make an appropriate decision.

Start-up uses AI and machine learning for real time background checks on people and companies ZDNet
(Image: Intelligo)

The software creates profiles on individuals, companies, and industries. The company uses advanced technology and methods to process a variety of information sources including human intelligence, open source intelligence, legal sources, CV verification, media, and social networks.

Michael McConnell, former director of the National Security Agency (NSA), and Pinhas Buchris, the former director of Israel's 8200 intelligence division, and former managing director of the Israeli Ministry of Defense, joined its advisory board in November 2017.

In October 2017, it raised $5.7 million in a Series A round from New York-based investment firm Governing Dynamics, and Eileen Murray, Co-CEO at Bridgewater Associates.

Read also: Can computers detect emotion and predict how people will react

Background checks today have become a vital part of business, utilized mainly for pre-hiring, pre-investment, compliance, and security applications.

The current solution today is a manual one and highly inefficient, resulting in protracted turnover times, elevated costs, and time-consuming reports.

Having a one-stop solution that can produce reports, live updates, and real-time red flag alerts is something that more and more companies need for these just-in-case, security-conscious times.

Previous and related coverage

How ubiquitous AI will permeate everything we do without our knowledge

Most of us do not know that we are using chatbots to talk to service agents, so how will we know that AI will be seamlessly interacting in with our future lives?

Three out of four believe that AI applications are the next mega trend

Although applying artificial intelligence (AI) is a challenge for enterprises, and budget is an issue, most brands believe that AI will bring success according to new report.