Factoring and Invoice Finance Frauds. In the current period of considerable upheaval and uncertainty, increasing pressure on businesses is making fraudulent activity an ever-present risk for lenders.
Invoice financing is a big area of fraud where fraudsters present the same invoice to multiple banks for processing. Despite its prevalence, Such financing frauds are still often addressed as a passive event where a post-mortem identifies the red flags that were missed–meaning the loss isn’t prevented and often not enough is done to reduce the likelihood of it happening again.This is a general class of problem of inability to detect duplicate documents or non-genuine documents by a single organization with its past presented documents or in a multi organizational context where the same document is presented to multiple organizations across multiple verticals.