RaiseSecure: The Tech Solution Set to Stamp Out Invoice Fraud

With the return of our infamous #TechHubTuesday Demo Nights, we excitedly welcome to the stage two of our most inspiring and highly anticipated TechHub members: Lee Woodman, Digital Strategist and TJ Amas, Integration Specialist.

In the true spirit of the co-working community, Lee and TJ were quick to identify a real problem outside of traditional systems, affecting thousands of people worldwide, every year.

Invoice fraud is on the rise and sadly more common than we think. The frighteningly high stats indicate that as the digital era spawns, as does the need to find invoice security solutions. However, Lee and TJ have devised a solution that is different.

Armed with their own mini eco-­systems of tech skills and experiences, they have set out to tackle the age-old problem; “grassroots, paper-based invoice fraud.”

“We’ve addressed the current state of the market for producing fraudulent and fake invoices...and developed a prototype of our technology solution - Raise Secure.” Lee Woodman

In anticipation of their live demo on Tuesday 13th February, we met with RaiseSecure to hear more on how their innovation technologies are set to disrupt the industry as we know it.

Can you provide us with an insight into what RaiseSecure offers and how it benefits its customers?

Raise Secure gives business, their customers and their brand protection in one of the last unsecured methods of business exchange: invoicing.

500billion invoices are produced globally each year and 80% are printed into hard copy. This leaves a huge opportunity for fraudsters to change what is printed on the invoice. We know there are 200,000 Google searches each month with web users searching for ways to generate fake invoices and receipts produced by some of the biggest consumer service suppliers in the world, 3,800 people/year search for “fake uber receipt”.

Raise Secure can offer people who have a vested interest in an invoice, even those who may not be the original invoice receiver such an Expenses teams, a way to validate if the invoice is genuine or not. Crucially our technology does not risk the originating supplier breaching the data protection act in disclosing if the invoice is genuine or not.

SSL has become a default mechanism for securing websites. We want RaiseSecure to become the default mechanism for securing invoices.

What sets RaiseSecure apart from the competition and why should potential customers care?

Invoice security solutions exist in the market today but they generally focus on enterprise sized companies and none tackle grassroots, paper-based invoice fraud.

Are there any tips on how the consumer can be vigilant to invoice fraud?

Check invoice numbers, check dates and check amounts. Don’t accept photocopied invoices. Ask if the invoices you receive are protected by RaiseSecure.

Could you share some best practices to avoid being subject to invoice deception?

  1. Try to get a good idea of what the service/product you’re purchasing will/should cost.
  2. If a service, then allow for some contingency but within a tolerable limit.
  3. If you’re paying for on-going work, get a clear picture of what payment schedule/milestones will be applied.
  4. Check that your service provider has terms and conditions under which they operate to avoid disputes after-the-fact.
  5. Verify third-party invoices are genuine

Where do you see the industry heading and what future plans does RaiseSecure have?

The natural progression is for invoices to go digital with pressure coming from HMRC to Make Tax Digital (MTD). This will make it much more realistic to trace all electronically generated invoices and reduce instances of manually created, paper-based invoices.

RaiseSecure is perfectly positioned to be the first-to-market solution to integrate with all digital invoice platforms such as Accounting Platforms (Xero, QuickBooks), ePOS systems (MICROS, VEND), portable payment gateways (iZettle) and other partners including Swansea based startup, Veeqo, who generate over 1 million invoices/month.

TechHubTuesday Demo Night will run on every second Tuesday of the month. Keep an eye out on our website to keep up to date with each session's speakers. You’ll not want to miss the next big thing!