1. Fraud Detection and Prevention
Jacob Raphael
COO, Mynd Solutions

2. Most common frauds Debtors not genuine
Acceptance not genuine (NOA and Invoice)
Stated debts are not due or already paid
Issues with LOD / MPBF
Not routing whole turnover

3. Verifications Ledger audit Bank Statement Verification
Telephonic verification with buyer
NOA verification
Transaction documents verification (POA/Invoice/LR/GRN)
Site visit reports
Reference checks
Contract verification
Concentration risk
Escrow Payment Mechanism
Check for two way trade group / asso co.

4. Verification impacting Customer experience
NOA verification by contacting very senior officials of buyer organization
Transaction verified through sources in Buyer organization
Time taken to compile the ledger audit report
Confirmation to make payment to financier

5. Verifications also giving +ve Customer experience
Non reputable Digital authentications - Can do away with various verifications
Electronic settlements - Does away with escrow mechanism
System algorithms check and alert upon abnormal patterns
Reduces operational risks and Fraud risks by multiple validations
Sourcing customers through verified CRM lists rather than intermediary
The buyer seller and the bank all on the same platform increases the transparency and reduces fraud risk

6. Thank You