2020 News and Media

JCF offers AI-driven anti-fraud software

AI-driven anti-fraud software services offered free to SMEs in battle against £1.5BN annual losses

In the battle against annual £1.5bn SME losses from fraud,1 Just Cashflow provides ‘first line of defence’ software and expertise free to all customers.

Proprietary AI-driven software vets key personnel and assesses their propensity to commit fraud/money laundering.

Fraud against SMEs is under-reported as owners fear reputational damage.

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.1

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.1 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.2

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.”

Notes

At Just Cash Flow PLC we partner with ambitious, well run businesses by providing fast flexible financial help to ensure sustainable long term growth and prosperity. Our principal product is our Revolving Credit Facility that works in exactly the same way as a traditional bank overdraft.

We employ a combination of technology to quickly assess if businesses qualify for our flexible finance options. Highly experienced business underwriters then take the time to show genuine interest in potential customers’ businesses and recommend the appropriate facility.

Increasingly, we are now offering additional banking services to our customers that they tell us they would value.

Footnotes

1. Loss estimates come from research conducted among SME owners by law firm Slater and Gordon in October 2016. The same research also revealed that 18% of SME victims did not report the loss – equivalent to £260m of a total nearly £1.5bn fraud (£1.44bn).

2. Research carried out by YouGov for Barclays in April 2018

3. Fraud prevention and anti-money laundering software services supplied by Kompli-Global Ltd.

This article also appeared in Business Money and AltFi

Date Issued Jan 2020.

Follow @justcashflowuk on Twitter for more like this.

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