Fraud Module
Overview
Anaconda’s fraud module uses statistical and heuristic methods to detect fraud attempts by customers (seller) in factoring.
This is achieved by analyzing the invoices and credit notes submitted by the factoring clients. These are imported from the factoring system via a standardized interface and analyzed using complex algorithms.
The aim is to identify anomalies and, based on this, to mark the invoices for which a verification (e.g. requesting proof of delivery) should be carried out before the respective financing commitment is issued.
Features
Use of self-learning statistical algorithms
Inclusion of heuristic criteria from many years of factoring experience
Extensive global and customer-specific customization options
Password-protected user level and customizable user roles
Archiving the results
Audit Trail
Procedure
Step 1: Import
Every night, Anaconda automatically imports all invoices and credit notes submitted the previous day by all customers (seller) from the factoring system.
Step 2: Analysis
This data is then analyzed with various complex algorithms to create alerts for unusual invoices.
Step 3: Verification
Based on this information, it is possible to specifically verify those invoices that could have an increased potential for fraud.
Step 1: Import
Every night, Anaconda automatically imports all invoices and credit notes submitted the previous day by all customers (seller) from the factoring system.
Step 2: Analysis
This data is then analyzed with various complex algorithms to create alerts for unusual invoices.
Step 3: Verification
Based on this information, it is possible to specifically verify those invoices that could have an increased potential for fraud.
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Anit-Money Laundering (AML) Module
Overview
The Compliance module is available in Anaconda for checking various compliance aspects. It is based on Payment data, imported from the banking system.
The data is subjected to a series of different checks. These checks cover primarily money laundering issues, and optionally also generate information on circumstances that are relevant to the business processes within a factoring bank (e.g. business relationships between different factoring clients).
Features
Supports both import from text files and database queries (SQL and Oracle)
Usual booking indicators are recognized automatically
Any number of verified IBANs can be assigned to each debtor (buyer)
Adjustable tolerance for different spellings of debtor names in the factoring system and on the account statement
- Common abbreviations such as Ltd. = Limited are taken into account in the name comparisons
Example Alerts
This check is carried out either based on existing booking indicators of the payment or clues in the payment reference for example, the keyword ‘Direct Payment’. Additionally, it is checked whether the originator of the transaction matches the customer’s (seller) name. If this is the case, it is assumed to be a direct payment.
Risk countries can be defined for customers (seller) and/or debtors (buyer).
Alerts are generated if either the originator or the recipient of a payment is based in this country.
It is possible to mark individual debtors (e.g., PEPs). Payments involving these debtors lead to alerts.
To recognize these debtors, the name is compared using complex algorithms that take typos and different spellings into account.
The system checks whether payments made to one customer come from another customer.
The basis for this analysis is the comparison of the originator of the payment with the names of the customers.
It is checked whether a payment by check has been made (either with submission by the customer or by the factoring bank).
A list of central regulators can be stored in ANACONDA. If these occur as originators, a corresponding alert is generated.
15+ Years
For over 15 years
e-trusco GmbH has been supporting factoring companies in the area of fraud and compliance monitoring.
100+ Industries
Experience from over 100 industries
with different business processes have contributed to the development of Anaconda.100+ Countries
Customers and debtors in more than 100 countries
are analyzed amd verified with the help of Anaconda.
15+ Years
For over 15 years
e-trusco GmbH has been supporting factoring companies in the area of fraud and compliance monitoring.
100+ Industries
Experience from over 100 industries
with different business processes have contributed to the development of Anaconda.100+ Countries
Customers and debtors in more than 100 countries
are analyzed amd verified with the help of Anaconda.
Verification Module
Overview
The Verification module supports the verification process for conspicuous invoices in the Fraud Module and marked payments of the Compliance Module. For this purpose, letters, emails, and phone lists are created and the responses from customers (seller) and debtors (buyer) are managed.
Generated Documents
Letters can be addressed to both the customer (seller) and the debtor (buyer). The various possible types are listed below:
Verification of suspicious invoices and credit notes
Verification of payments
Balance confirmation
- General letters (e.g. notification letters)
Notification of the purchase of a receivable
Reminder letter
Features
All letters can be saved as PDF files, printed and sent by post, or sent automatically from Anaconda directly by e-mail.
The postal addresses and e-mail addresses are automatically imported from the factoring system. However, they can also be overwritten within Anaconda.
To further configure the sample letters, more than 50 placeholders can be used, which are automatically replaced by Anaconda with concrete values (e.g. customer name, current date, list of all open invoices, etc.).
It is possible to manage the responses of customers and debtors directly within Anaconda. Standard return types can be defined for this purpose.
E-mails or letters from customers or debtors can also be stored as attachments in the Anaconda database.
Through automatic follow-ups, you can manage your customer relationships even more efficiently. For example, you can set reminders for when you have not yet initiated verification for critical invoice, or if you have not received a response to a letter within a configurable time frame.
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