Fortune 500 Smart Document Protection & Management System
Company Overview
Headquarters: Singapore
Employees: Confidential
Industry: Confidential
Revenue: Confidential
Country: Singapore
Type of company: Private
Challenges
- Counterfeit receipts
- Fraudulent activities
- Loss of revenue
- Loss of customer trust
- Decline in company’s reputation
Solution Offered Include
- TrackMatriX® Lock covert & forensic authentication
- Custom-designed and secured receipts
- Multi-level inspection policy
- Cloud hosted document & verification system
- Serialization on label and security paper sheet
- Auditable and immutable records
- Detailed documentation and training for users
Main Challenges
Despite the ingenuity of our client in providing their specialized services, they are being held back by issues of receipt counterfeiting and other fraudulent activities. The company was issuing warehouse receipts on standard paper while it added only label with a serial number to indicate that the receipt has been issued by an authorized warehouse employee. Here, one
can deduce that the warehouse receipts have no adequate security measures to weather the storm of the 21st century fraudsters.
What is a warehouse receipt? As you may know, warehouse receipts are documents certifying the ownership of goods that are stored in a warehouse and a single warehouse receipt can bear goods valued at several millions of dollars. The receipts are usually issued when the goods are placed. In most cases, it is the receiver of the warehouse receipts that will transfer ownership to another business owner to whom they owe the equal amount as stated in the receipt.
Looking at the significance of these receipts and the value of money they can bear at a time, our client cannot afford to lose millions of dollars to loopholes that could have been blocked. Aside from this, the company also understood that counterfeit receipts and fraudulent activities can embroil it in series of lawsuits that will subsequently bring huge financial burden and liability bring huge financial burden and liability thereby reducing company’s profit and destroying the company’s public image.
Towards the end, the company’s compliance officers reached out to NanoMatriX to discuss the ingenious solutions that we can offer to prevent counterfeiting and other fraudulent activities. At NanoMatriX, this is exactly what we do best.
The Solution
Firstly, NanoMatriX clarified the client requirements by a thorough analysis of the problems and issues. We concluded that our client wanted high-security documents which could only be managed and authorized by a private online system. The process for this custom-designed solution involved developing a custom-manufactured security paper containing multiple overt, covert and forensic features; developing TrackMatriX® Lock multi-level inspection policy; and designing a private, cloud-hosted document and verification system which allows users around the world access to the system in compliance with the global headquarters’ highly
granular identity and access management system. Other strategies include applying serialization on label and security paper sheet, such that even in court, the authenticity of a document can be proven beyond reasonable doubt; providing detailed documentation and training for users; and creating a wide range of auditable and immutable records.Finally, we participated fully in the development and implementation of a communication strategy on security features. This ensures that no one, apart from senior personnel, is informed about the entire security concept. Series of penetration tests were conducted and the results showed that our solutions are secured from all forms of cyber attacks.
For the Sake of Our Client and Its Customers
Our solutions have helped our client and its customers tremendously. For our client, there is no more headache of counterfeit receipts or anything to worry about fraudulent activities. With this, no revenue is lost to fraud concerning issuance of fake warehouse receipts, the reputation of the company gets boosted and patronage increases. Customers also have a renewed hope and trust in the company. In summary, NanoMatriX succeeded in using the document protection expertise built over the decades to help restore and strengthen our client’s reputation.
Benefits
- No more counterfeit receipts
- Increase in company’s revenue
- Customer confidence is restored
- Promote company’s public image
Get a FREE CONSULTATION Now!
Please do not hesitate to contact us via +852 2523 9959 or [email protected]