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. This solution allows for an efficient invoice comparison to determine if finance has been requested and if suspicious activity was detected against any invoice. All this while protecting confidential information.
The solution is based on the sharing unrecognizable crypto document fingerprints to an international validation database. It allows any financier to compare trade documents without needing to reveal any customer information. It allows for visibility of invoice statuses and promotes industry collaboration via an API-based shared repository. This solution allows financing parties to communicate with each other to resolve any issues and prevent fraud losses. Companies around the globe can now access financing again. Lenders have immediate confidence in issuing finance because they know that financial documents do not expose them to 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.”