Surecomp Launches Fraud Prevention Funding

Surecomp is launching a new offering that uses advanced cryptographic technology to enable financial institutions (FIs) to reduce the risk of duplicate funding fraud, according to a Tuesday, April 12 press release.

The new product includes a bill matching process that identifies any suspicious activity detected on a specific bill and ensures that no confidential information leaves the bank, the statement said.

“We have seen a dramatic increase in duplicate trade finance fraud, with billions of dollars lost and many banks re-examining their risk appetite, which has further impacted the trade finance gap,” said Enno-Burghard Weitzel, senior vice president of strategy and business development at Surecomp. in the press release.

“We believe that an effective fraud prevention solution is essential for banks to maintain their trade finance business and therefore we are offering it free of charge to all banks as an industry utility,” a- he declared.

Surecomp’s new tool searches for fingerprints of unrecognizable hashed cryptographic documents using a global validation database and allows any financier to verify and compare business documents without having to disclose information about clients.

According to the press release, it also improves invoice status visibility and fosters industry collaboration through an API-based shared open repository.

“Providing a channel through which finance parties can communicate to resolve fuzzy matches and prevent duplicate finance fraud losses before they occur, the solution ensures that businesses around the world regain the ability to access the funding,” the company said in its announcement.

It also gives lenders the confidence to issue financing, knowing that their financial documents do not expose them to the risk of duplicate financing fraud.

Surecomp’s solution has been deployed in 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 said.

Related: Thoma Bravo acquires cybersecurity firm SailPoint Technologies for $6.9 billion

Earlier this week, private equity firm Thoma Bravo acquired cybersecurity firm SailPoint Technologies for $6.9 billion. Thoma Bravo was the majority shareholder of SailPoint before its IPO in 2017 before selling his stake in 2018.

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