Valid8 Financial launches fraud investigation solution

As per the information detailed in the press release, Valid8 Financial introduced the new capability to enable customers to divide transactions of interest and group into different collections to identify how financial activities progressed over time and across locations.

According to Valid8 Financial’s officials, the added capability supports the company’s commitment to continue addressing manual reviews and spreadsheet work that reduce the efficiency of investigations. By introducing Stories, Valid8 Financial intends to allow users to separate transactions of interest from routine ones and assist investigators in narrowing in on the important activities in a fraud case. With its VFI platform, the company focuses on offering forensic accounting, legal and government professionals courtroom-prepared evidence for several complex financial investigations and disputes, including Medicaid fraud, partnership disputes, asset division, high network divorces, and Chapter 11 bankruptcies.

The launch of Stories aims to help enhance the speed and quality of rendering a professional opinion. The capability supports users in collaborating across and between firms, which intends to reduce the time spent writing detailed emails or reviewing transactions in meetings. Also, professionals can leverage Stories to develop their final, courtroom-ready evidentiary narrative. Representatives from J.S. Held, a global consulting firm, underlined that Valid8 Financial’s solution supported the company in improving the organisation and categorisation process for transactions, as well as the collaborative work across the firm, enabling it to focus on items requiring further examination. Considering that the transaction review procedure typically represents a tedious and resource-intensive process, the implementation of Stories assisted in accelerating and simplifying it.

Furthermore, as fraud prosecutions and reported losses increase, Valid8’s artificial intelligence (AI) and automation aim to allow customers to analyse, reconcile, and categorise financial data from several sources, including bank transactions, Bitcoin deposits and withdrawals, and hand-written checks. This focuses on removing sample risk while mapping entire transaction histories.

Stories comes as an addition to Valid8’s AI Categorization, with the company planning to launch new capabilities throughout 2024, following its recent USD 8.5 million Series A financing from November 2023. In addition to developing solutions, the funding was set to be leveraged to further invest in the company’s engineering and go-to-market teams. The press release also mentions that the newly launched functionality is currently available to all Valid8’s customers.