Surecomp is launching a new offering that uses advanced cryptographic technology to allow financial institutions (FIs) to lessen the risk of duplicate financing fraud, according to a Tuesday (April 12) press release.
The new product features an invoice comparison process that helps to identify whether there is any suspicious activity detected against a specific invoice and ensure that no confidential information leaves the bank, the release says.
“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,” Surecomp SVP of Strategy and Business Development Enno-Burghard Weitzel said in the press release.
“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,” he said.
Surecomp’s new tool looks for unrecognizable hashed crypto document fingerprints using a global validation database and allows any financier to check and compare trade documents without having to disclose any customer information.
It also enhances the visibility of invoice status and promotes industry collaboration through a shared open API-based repository, according to the press release.
“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,” the company said in its announcement.
It also gives lenders confidence to issue financing, knowing that their financial documents aren’t exposing them to the risk of duplicate financing fraud.
Surecomp’s solution has deployed to more than 25 global banks around the world and is part of the company’s Trade Finance-as-a-Service (TFaaS) offering, the press release says.
Earlier this week, private equity firm Thoma Bravo acquired cybersecurity firm SailPoint Technologies for $6.9 billion. Thoma Bravo was the majority stakeholder in SailPoint prior to its initial public offering in 2017 before selling its stake in 2018.
Originally Posted: https://www.pymnts.com/fraud-prevention/2022/surecomp-debuts-duplicate-financing-fraud-prevention/