Home New IT solution uncovers fraud in factoring

New IT solution uncovers fraud in factoring

Press Release: March 15, 2017

The DOC.pilot IT tool detects indications of possible forged invoices / Factoring fraudsters cause millions of Euros of losses / More security in factoring

Neuss, 13 March 2017. fidis GmbH in Neuss has expanded its DOC.pilot PDF analysis tool with functions for preventing fraud. DOC.pilot detects indications of possible forged invoices and sounds the alarm when it finds any. In this way, factoring companies and banks are given an indication of any instances of fraud and they can respond early, even before any damage is done by defaults on payments. Indications of forged invoices include for instance discrepancies in production and modification dates.

Fraud is a major factor in company risk. Because it involves a great deal of money. One company very recently obtained several million Euros through factoring fraud. “Forged invoices and fraud are a part of the factoring business,” remarks Reiner Hirschberg, Managing Director of fidis GmbH. “However, it’s often made all too easy for the fraudsters. But there is a whole series of indicators that point to a forgery.”

One of these indicators is the date of production. If invoices are normally raised between 09.00 and 12.00 on a working day, then an invoice raised at 16.00 on a Sunday afternoon might possibly be a forgery. And if invoices, once raised, are modified again at a later date, that is an indication of an irregularity. This is also the case where a PDF creator other than the usual one is involved. Thanks to precise analysis of the PDF documents submitted, DOC.pilot is in a position to detect these indicators.

DOC.pilot makes it possible to automatically record invoices, check their content and extract specific information. In particular, therefore, DOC.pilot accelerates the processing of large volumes of invoices submitted as PDF documents. Within a few seconds the program detects whether the information given about invoice numbers, bank details and notices of assignment are correct. If in doing so the tool finds a mismatch in the accounting information, an error message is generated and passed on together with the document.

DOC.pilot was originally designed for factoring firms that have to handle massive volumes of invoices every day. So the use of DOC.pilot, in particular in combination with FACT.pilot, makes sense. But also integration in any other existing accounting system environment is possible.

About fidis

fidis GmbH is internationally one of the leading service providers of standard software for factoring and ABS processes based on SAP. The use of “FACT.pilot®” and “ABS.pilot®” enhances the competitiveness of factoring companies as well as the banking houses and saving banks. At the same time, they also fulfil the statutory stipulations. The modular structure of the software ensures quick implementation on the required scale. Irrespective of its size, every business can take advantage of this solution. fidis was founded in 2000. Its customers include leading factoring companies, big banking businesses and savings banks. www.fidis.com

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Eva Wagenbach
möller pr
Telephone: +49 (0) 221 80 10 87-89
E-mail: ew@moeller-pr.de

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