FINANCE
“Torture the data, and it will confess to everything.”
– Ronald Coase, Economist & Author
Usually, fraudsters conceal their scams by creating layers of transactions, numerous accounts, identities, etc. In 2020, the Association of Certified Fraud Examiners (ACFE) reported that in the case of occupational fraud, the top four methods used to conceal fraud include creating or altering physical and electronic documents. As an investigator sifting through these documents can be a daunting task.
The volume of documents to be analyzed in large financial scams can be overwhelming. Using advanced technological tools can help you automate the data preparation and analysis process. Let’s compare two popular software that can help you increase your efficiency, reduce labor costs, and cut down the time spent on data preparation.
ScanWriter
https://scanwriter.personable.com/ by Personable Inc. is a software that converts any document like PDF, handwritten checks, check images, payroll, phone records, accounting system ledger, insurance forms, contracts, etc., into Excel with compelling and insightful data visualizations. ScanWriter ensures data accuracy with intelligent error detection and maximizes your data entry efficiency. ScanWriter also provides an analytic summary of data within minutes. ScanWriter is a certified partner of Microsoft’s Power BI (Business Intelligence) that turns data into easy-to-understand valuable case information.
Key Benefits
- Converts any financial paper document or digital file into structured and normalized data
- Helps discover hidden insights with analytic data summary
- Scrutinizes the movements of funds in various cyber crimes
- Allows to collect, evaluate, preserve, and report findings
- You can verify the integrity of data and maintain its confidentiality by saving it locally
- Ensures 100% accuracy of extracted data
- Minimizes the time and effort in data preparation
- User-friendly interface with built-in features to simplify your workflow
- Creates reports and provides access to the dashboard without any hassle
Integration & Deployment
- Seamless integration with Excel and Microsoft Power BI
- Deployable on Cloud, SaaS, web-based, on-premise – Windows, on-premise – Linux
Financial Institutions Support
Find more than 40,000 institutions in its library, including over 10,000 financial institutions. Additionally, customize a format for your document within 24 to 48 hours of your request.
Language Support
ScanWriter supports 21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, etc.
Location
Personable has its corporate office in Fountain Valley, California, and a second office in Washington DC.
Client Base
ScanWriter’s client base consists of both government and private organizations.
Pricing
Standard ScanWriter Excel costs $5,495 per license for one workstation user and ten customized readers. Additionally, each standard license has a non-prorated $3,234 annual maintenance fee that covers unlimited usage by common readers, training, support, and software updates.
Demo & Free Trial
You can get an idea of the working of ScanWriter Excel Edition by viewing videos on their Youtube channel. You can also request a free demo on ScanWriter’s website.
Verafin
Verafin is a cloud-based financial crime management platform that helps in fraud detection. Verafin provides innovative evidence and investigation tools, such as risk-rated evidence, check image viewer, balance charts, geographic maps, and interactive relationship graphs. In addition, Verafin uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis.
Key Benefits
- Automated regulatory reporting and end-to-end due diligence solutions
- Provides visual storytelling and collaborative investigations
- Streamlines the investigation process by significantly reducing false positives
- Enhanced data analysis and customized reports
- Lets you create a fully audited and tracked investigation
Integration & Deployment
Verafin is deployable on cloud, SaaS, web-based.
Financial Institutions Support
Supports numerous financial institutions and uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis.
Language Support
English.
Location
Verafin Inc. has its headquarters in Newfoundland, Canada, and another office in Toronto, Canada.
Client Base
Verafin’s target customer market includes financial institutions, credit unions, and private organizations involved in economic investigation.
Pricing
Pricing is available upon request from the company.
Demo & Free Trial
You can request a demo at Verafin’s website.
ScanWriter v. Verafin
Here is a table for quick comparison between the two software:
| ScanWriter | Verafin | |
| Audit Trail | Yes | Yes |
| Large Comprehensive Public Library | Public library of more than 40,000 institutions, including over 10,000 financial institutions. | Supports numerous financial institutions. |
| Language Support | 21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, etc. | English. |
| Accuracy | 100% Accuracy. | Extreme Accuracy. |
| Data Visualization | Yes | Yes |
| Automation
|
Fully automated data conversion and analysis. | It requires certain processes to be done manually. |
| Integration & Confidentiality | ScanWriter is premise-based and ensures data confidentiality by saving it locally. | Verafin is cloud-based, hence, poses the risk of data insecurity. |
| Pricing
|
Standard ScanWriter Excel costs $5,495 per license and $3,234 annual maintenance fee. | Pricing is available upon request from the company. Unfortunately, Verafin is an expensive software. |
| Data Analytic Capability | Microsoft Power BI analytics that includes custom and built-in models (flow of funds, all transactions overview, Beneish M Score, etc.) | Enhanced cross-institutional, multi-channel analysis. |
| Location | United States of America | Canada |
Takeaway
ScanWriter uses advanced forensic accounting tools to examine individuals or businesses. It ensures 100% accuracy of data and maintains data confidentiality. ScanWriter minimizes the time taken to extract and process data, providing analytic summaries within minutes. It is less expensive than Verafin and provides a more user-friendly experience. ScanWriter has dedicated customer support staff to address all your questions. You can write to ScanWriter for any queries.
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