Software as a service for legal and accounting professionals.
"Bank records are perhaps the single most important external source of financial information available to a fraud examiner" - ACFE Fraud Examiners Manual 2021 Edition
Valid8 was born from the pain experienced supporting major fraud investigations. In these situations, data used to establish a conclusion must be able to withstand cross-examination in a court of law and meet the legal standard for evidence. Our solution was designed by CPAs to meet these requirements.
More than just a pass-through OCR service that generate an output file, leaving professionals with the work of data clean up and integration, Valid8 creates a living database of transactions. As your body of evidence grows, add transactions from new accounts, append check and deposit slip data, group and categorize transactions with ease.
Valid8's patent-pending transfer matching algorithms and interactive data visualizations automate tracing the flow of funds. Flows from categorized sources are shown flowing into a network of accounts with trandsfers between and flow out to a list of categorized uses.
Bank statement formats are never consistent and vary within the same financial institution over time. Setting up templates for each format is burdensome and takes time.
Valid8 uses machine learning to avoid the need to create and manage templates/readers. Post any statement from any institution and get transactions back in minutes to hours without ever having to open the statement files.
OCR isn’t perfect, no matter what platform you use, errors will occur. Finding, fixing, and proving data quality consumes time and resources slowing down the case.
Valid8 identifies each period for each account within a file then extracts the account-period metadata (starting balance, ending balance, start date, end date, etc…). The metadata is used to compare against the extracted transactions. Any statement is flagged if transactions don’t add up to the balances, fall outside the period, or balances don’t align to prior and next period’s balances.
Naming, organizing, and tracking status of thousands of pages of bank statements and other case documents takes time and discipline. Summarizing and reporting on data set status adds more complexity.
Valid8 Investigations tracks status for every statement file, account, period, and transaction. Current status is displayed with easy to read, real time data visualizations. Identify missing statements, find OCR errors, and assess overall data set status with a glance.
Critical to understanding the use of funds is the ability to identify large purchases and assets. Every case is different and to clearly explain various categories of assets Investigators need the ability to define any number of custom categories.
Valid8 allows the creation of custom categories and normalizes the field values so you can visualize categories as various Sources and Uses of funds. The data visualization is interactive with 1-click filter and export of schedules.
Every case requires different analysis techniques. The most common way to accomplish the one-off tasks is Microsoft Excel.
At any point, users are 1 click away from a comprehensive database extract into a Microsoft Excel file. In addition to transactions, Valid8 also calculates daily balances for each account.
Cleaning up the description field, adding Bates Numbers, grouping and categorizing can all be done easily in Microsoft Excel, the hard part is maintaining the file as the data set grows.
With Valid8's 1-click export to Excel, professionals can do any clean up work needed then import the changes back into the version-controlled database.
Tracing the flow of funds between various accounts and entities requires significant effort with standard office software packages. And more importantly, it’s difficult to create a clear understandable narrative with spreadsheets, tables, and lists.
Valid8 uses interactive visualizations to simplify large amounts of data. Visualize the flow of funds between bank accounts and legal entities, generate visual case exhibits and schedules with a single click and deliver a compelling narrative.
Any payments in aggregate of $600 or more made within 90 days of declaring bankruptcy that resulted in a creditor getting more than they would otherwise be entitled to is considered a Fraudulent Transfer. Every fiduciary is required to examine the debtor and determine if any fraudulent transfers have occurred.
To simplify this analysis, users can take any check register in Excel or CSV format and upload into the bank data to quickly categorize by payee. Once loaded, simple pivot tables by Payee are used to identify any Fraudulent Transfers.
Finding undisclosed assets and accounts is a critical step for any investigation. Each request for additional information delays the ability to start the final analysis. Quickly finding undisclosed assets compresses data prep time.
Valid8 identifies all transactions that may be potential transfers outside of the existing data. Professionals review the list to identify undisclosed assets and accounts. As additional statements and transactions are added, Valid8 maintains version control in a centralized, online repository.
Valid8 works on some of the highest profile fraud cases in the world. Data security is our top priority. Valid8 is a SOC2 certified solution.
See how Valid8 eliminates tedious data prep and administrative tasks for your next case in less than 30 minutes.