Physically entering and recording the money movement from 40 accounts is not practical because of the large volume and high risk for errors.
Personable, Inc.’s ScanWriter for Excel®
In a sophisticated financial fraud case, there are many documents and transactions to review. Having to understand where the money is coming from and where the money is going is daunting.
With millions of dollars moving from account to account, this case could take the analyst months or years to complete manually. In an exhausted tone, the analysts said,
“Manually tracking money can be like a dog chasing his own tail…”
Each transaction was only a couple hundred dollars, and the analyst would manually link the transactions to each account.
With over 20 years of experience, the analyst clarifies,
“I gave up on using the software my agency had in the past. I could not get it to work right, so I ended up entering each transaction one-by-one… it’s a labor of love… and sometimes blood, sweat and tears…”
At first, the analyst was skeptical about trying out ScanWriter. Her agency recently adopted the software, and she was encouraged to take the training and start using it.
While using ScanWriter, the number of supported banks impressed her. The analyst says,
“I could find most of my banks in ScanWriter, but I had to request few others. It was so easy. I was able to add new banks in a day or two.
Additionally, the case included off set documents, such as, check images and wire transfers.
Since ScanWriter can automatically match the offsets to the bank statement, the details, such as, the payee name is automatically populated. The analyst found herself being able to reallocate her time to other tasks. She explains,
“…I was surprised how well it [ScanWriter] interpreted the handwriting on the checks. I really could not believe it! Seeing is believing…”
The analyst was able to create multiple visualizations using ScanWriter’s Power BI Flow of Funds Model; she continued to describe,
“I verified the accuracy, parsed and standardized the business/entity names, and create a Flow of Funds visualization that showed the money going in and out… I can even filter by my Targets! …Thank goodness that I gave ScanWriter a chance…”
In a couple of weeks, the analyst concluded her review on the case and let the agent know that she was ready to present the evidence.
The agent could not believe how much work the analyst completed in a short time. The analyst’s notes,
“I showed the agent how to use the Flow of Funds Model. He found connections and potential Targets to look into… I have never seen him so excited to review the data…”
With the Flow of Funds model, the analyst could easily explain where the money was coming from, where it was going, who was involved, and more.
With confidence, the analyst successfully converted thousands of documents into rock-solid evidence to help find restitution for the victims. The analyst goes on to say,
“When I presented the case to the agency, I received a standing ovation. ScanWriter is a home-run… Game Changer! And, I am on the winning team! …I love it.”
“Thank goodness that I gave ScanWriter a chance… “