Surecomp today announced it is providing a new solution based on advanced cryptographic technology allowing financial institutions to mitigate the risk of duplicate financing fraud.
The solution provides an effective invoice comparison process to identify whether finance has already been requested or whether there is any suspicious activity detected against a specific invoice, all while ensuring that no confidential information ever leaves the bank.
Based on the sharing of unrecognizable hashed crypto document fingerprints to a global validation database, the solution allows any financier to check and compare trade documents without having to disclose any customer information at all. It enables visibility of invoice status and promotes industry collaboration through a shared open API-based repository. Providing a channel through which financing parties can communicate to resolve any fuzzy matches and prevent duplicate financing fraud losses before they happen, the solution ensures that companies around the world regain the ability to access funding, while giving lenders the immediate confidence to issue finance knowing that financial documents are not exposing them to the risk of duplicate financing fraud.
The solution, which has already been introduced to over 25 leading global banks across all continents, is part of Surecomp’s continuously growing Trade Finance-as-a-Service (TFaaS) offering.
“We’ve seen a dramatic rise in duplicate trade financing fraud, with billions of dollars being lost and many banks reviewing their appetite for risk which has further impacted the trade finance gap,” explains Enno-Burghard Weitzel, Surecomp’s SVP of strategy and business development. “We believe that an effective fraud prevention solution is a must have for banks to sustain their trade finance business and therefore we’re offering this to all banks free of charge as an industry utility.”