Law Enforcement Able to Quickly Discover Financial Fraud Thanks to PerfectAudit Powered by Ocrolus
New York, NY -- (SBWIRE) -- 09/07/2016 -- PerfectAudit Powered by Ocrolus is used by law enforcement to trace fraudulent cases. Detective Lara Young of the Largo Police Department used PerfectAudit in an exploitation case where a cleaning lady befriended an elderly victim who had Alzheimer's. The suspect gained her trust then slowly took over handling her finances. She eventually had the victim sign over POA and she opened credit cards in her name and opened new bank accounts to which she had access and had the victim put her in the will.
"Needless to say, there were many different bank account records and credit card statements that needed to be reviewed. Typically, I did this by hand and had to input the data into an excel spreadsheet to be sorted or tallied. PerfectAudit simplified this process dramatically and enabled me to sort much faster and better, by the use of the various search features. For example, I could show all the transactions which occurred in the suspect's area of town and / or specifically sort by all transactions or just by all transfers out of the bank account. Once printed, these become effective visual aids, which are very helpful when presenting a case to the State's Attorney's Office for prosecution," noted Officer Young.
PerfectAudit (http://www.PerfectAudit.com), is a FinTech platform that eliminates the need to review bank and credit card statements manually. The system analyzes PDF statements from all US financial institutions allowing users to quickly and confidently make financial determinations. PerfectAudit extracts the transactions into an interactive, exportable database for the reviewer to search and analyze. All files, regardless of format and quality, are digitized with over 99% accuracy.
PerfectAudit's proprietary backend combines transaction detection OCR technology, crowd-sourced data validation, and algorithmic reconciliation. This innovative approach enables PerfectAudit to leverage machine learning, continually enhancing automation while accelerating analysis time. The PerfectAudit API will be available beginning in September and includes analytics such as average daily balance, number of days of a negative balance per month, number of interbank deposits, and number of deposits from outside sources.
Summary statistics are automatically generated, and transactional data can be instantaneously searched. PerfectAudit eliminates the need to manually audit bank and credit statements. E-statements, originals, photocopies, faxes and even documents with pen marks or coffee stains are all acceptable. Users can instantly find transactions of any defined value and are automatically alerted of potentially missing statements and transfers between accounts. Every transaction is linked via SNAPSHOT to its precise location on the source document. PerfectAudit does not require the applicant to provide bank login credentials whereas many do require this.
PerfectAudit goes to great lengths to protect clients' private information. All files are encrypted at rest with AES-256 bit encryption, and TLS 1.2 is supported for communications. These encryption standards are recommended and used by many financial institutions as well as the federal government. User data is stored with Amazon Web Services, the same platform used by the National Security Agency and the Department of Defense. Amazon's ultra-secure facilities are monitored 24/7 by security guards and accessible only by biometric scanning. This infrastructure meets the requirements of an extensive list of global security standards, including: ISO 27001, SOC, HIPAA / HITECH, FedRAMP, and the PCI Data Security Standard. PerfectAudit guarantees the highest level of data protection.
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