Case Study: Cubefunder
How Cubefunder protects and grows its loan book using Fraud Finder.
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of unique submitted documents were marked with high-risk alerts.
Fraud Finder is now used on 100% of documents that Cubefunder processes.
It takes an average of 13.4 seconds to process a Cubefunder document & report for fraud.
Fraud Finder has proven to be an invaluable asset for Cubefunder, aiding us in identifying edited statements crucial for our bank statement assessments. This powerful tool not only detects alterations but also provides detailed insights into the nature of edits, including when they occurred. The comprehensive information delivered by Fraud Finder significantly enhances our ability to scrutinize and evaluate the authenticity of bank statements, contributing to a more robust and accurate assessment process.
Fast fraud-free document analysis for Cubefunder
Helping SMBs with good intentions access funding, whilst protecting Cubefunder from document forgery.
Cubefunder offers small business financing for any business purpose. It doesn’t matter what purpose - they pride themselves on assessing all funding applications fairly and efficiently.
Cubefunder’s mission is to assist its customers in turning their ambitions into reality and plans into action, by supporting them financially in their varied business ventures. Their business loans offer flexibility at its best, with adjustable repayment options to suit the needs of every business.
One of the requirements to apply for a Cubefunder business loan is that they require three months of business bank statements. As proficient as Open Banking has become in verifying income on personal statements, it still falls short when assessing the financial documents of businesses.
The team over at Cubefunder, who have years of experience in manually running due diligence on each application, needed a tool that could not only indicate whether there was a digital tampering element to their loan applications but also provide evidence of exactly where and when that document fraud took place.
As Cubefunder and its lending book continue to grow, they need an automated and instant processing flow in place, provided by the Fraud Finder API. Through a simple API request involving only three calls, Cubefunder not only receives instant fraud results for each applicant but the tool also extracts and digitises all transaction data to feed their own affordability algorithms.
Since integrating Fraud Finder into their loan review process, Cubefunder has discovered a high-risk document rate of 21% of documents submitted to the tool.
Below, we find an example of a customer application that Cubefunder received for £30,000, and upon reviewing the statements with Fraud Finder, the applicant was flagged as High Risk. Further examination of the report revealed that the high-risk designation was due to edits in the Version history, indicating manipulation of the statements. Cubefunder claimed that:
A notable feature of Fraud Finder is its ability to highlight edits in statements using blue and orange colours. In this instance, we observed that a credit reference was altered to falsely portray it as a business revenue
Font analysis
The Southeast-based business in question submitted four Starling bank statements to evidence their income stream over the past few months. Little did they know that our font analysis technology can pick up the most minuscule changes in the font text of a bank statement.
Our machine learning algorithm instantly identified the document as a Starling statement but spotted a suspicious font, highlighted in red, that deviated from the standard makeup of a Starling bank statement. It’s clear where the edits have been… and that these end-of-day account balances are not truthful at all.
This particular applicant also didn’t realise that we can restore different versions of the documents they submitted. Checkout the summary box from another of their bank statements:
Sadly, adding extra digits to your open and closing balance doesn’t make it real.
This is just one example of how Fraud Finder is protecting Cubefunder from the growing risk of document fraud.
Whether you offer mortgages, business financing, asset finance or consumer loans, with Fraud Finder you can prevent the risk of lending fraud.
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Fraud and risk in business loans
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Advanced document analysis
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