"This level of protection and insight is much needed as most, if not all, existing databases fail to identify potential fraudsters."
Just Cashflow's anti-fraud software helps make business owners aware of potential fraudulent companies by outlining the ownership structure of a potential client or supplier, including links to other corporations.
Businesses will also 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.
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 shows where principal officers, UBOs, directors and/or persons of significant control may be connected to other businesses, addresses or disqualified directors on an international basis.
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, executive chairman of Just Cashflow, said: “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.
“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.”
