Fraud Detection and Prevention Jacob Raphael COO, Mynd Solutions

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

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.

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

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

Thank You