Just Cashflow launches free anti-fraud services for SME clients
An SME-focused alternative lender has today announced that it will offer all its customers a ‘first line of defence’ against fraud that currently costs SMEs nearly £1.5bn a year.
Just Cashflow says it will lead the field with the AI-driven services it is providing which will be free of charge and cutting edge. The software helps make business owners aware of potential fraudulent companies by comprehensively outlining the ownership structure of a potential client or supplier, including links to other corporations.
Secondly, businesses will now be able to use the software to gauge the propensity for a customer or business to be involved in fraudulent activity, having learned from patterns and events from previous criminal and money laundering activity. A prime example would be having hundreds of companies registered at the same address.
Finally, the first line of defence will be further strengthened by access to a global search platform that can access relevant published information on individuals and corporate bodies. Currently businesses rely on search engines like Google that aren’t built for this purpose and criminals have developed clever ways of burying information they don’t want others to find.
Today such information can be mistakenly or deliberately hidden because of informal requirements of business and individuals when it comes to naming structures. This makes it easy for fraudsters to bury links to past misdemeanours by creating new director profiles with slightly different names or other detail that will effectively be ‘seen’ as a new entity.
The software constantly scans information from millions of sources and is superior to manual checks of public data such as those listed on Companies House. The software shows where principal officers, UBOs, directors and/or persons of significant control (PSCs) may be connected to other businesses, addresses or disqualified directors on an international basis.
Just Cashflow executive chairman John Davies, says:
“This level of protection and insight is much needed as most, if not all, existing databases fail to identify potential fraudsters. The software and services have been built with input from experienced fraud investigators, who have partnered with technologists to turn their insights into practical tools any business can and should use.
“For nearly eight years we’ve been targeted by fraudsters – as have our customers – in a manner of different and clever ways. We’ve used this experience to influence the design of services that deliver far beyond what is currently available to the average SME.”
Fraud against SMEs is estimated to cost £1.5bn a year in the UK, with much of this going unreported because business owners fear reputational damage. A study by YouGov conducted last year estimated that 50,000 SME jobs are lost each year due to the damage created by fraud against SMEs.
John Davies added:
“This is another example of Just Cashflow delivering on its belief that a lender has a responsibility beyond just providing finance. We really believe in providing the relevant help and services that will enable our customers to safely invest and grow.”
