eFraud Services, the leading provider of financial fraud detection software, today announced the launch of its flagship product eFraud Converter. eFraud Converter is an AI-driven, SaaS-based solution solving the problem of the time-consuming and labor-intensive process of analyzing bank statements.
eFraud Converter uses state-of-the-art AI technology to convert pdf images of bank statements into Excel without manual intervention. Once the conversion is complete, users review and correct suspected errors. This is a crucial step because investigators must attest to the accuracy of their reports when testifying in court.
eFraud Converter solves the problem for government agencies and businesses that still rely on paper bank statements to uncover fraudulent activity. These include Law Enforcement, Federal, State and Local Governments, Forensic Accountants, Valuation Specialists and Attorneys.
Currently, detectives and analysts manually type bank statements into Excel, draining valuable time that should be spent conducting investigations. As an alternative, agencies use software that relies on templates or gridding, manual processes that are labor-intensive. eFraud Converter replaces these processes with Artificial Intelligence.
"We reduce the time it takes to analyze bank statements from weeks and months to minutes and hours. With our 'Pay for What You Use' pricing model, any entity can afford to use our application. Since it is browser-based, there is no limit to the number of users who can work concurrently."
Barbara Steinberg, CEO
About eFraud
Barbara Steinberg, CEO, and Robert Hayum, COO, founded eFraud Services Inc. in January 2020. eFraud Services aims to be the provider of choice for any size entity that needs to analyze bank statements quickly, accurately and affordably. eFraud Services is a U.S. company providing fraud detection software to government agencies, law enforcement, forensic accountants and attorneys to help them close more cases in less time with increased efficiency. With feedback from our existing customers, we are developing new applications using Artificial Intelligence to reduce the time it takes to analyze fraud cases by up to 90%.