1 00:00:00.300 --> 00:00:03.700 From what they told us this particular tool is not necessarily new in 2 00:00:03.700 --> 00:00:06.300 that of itself. It's kind of an update to what they've already had 3 00:00:06.300 --> 00:00:09.600 available and what it focuses on it's 4 00:00:09.600 --> 00:00:12.400 focused on the things that the human eye just cannot 5 00:00:12.400 --> 00:00:15.600 see so we've always had a problem with fraud in 6 00:00:15.600 --> 00:00:18.500 a small business finance industry and a lot 7 00:00:18.500 --> 00:00:21.300 of times it's the easiest stuff that people are able to pick out 8 00:00:21.300 --> 00:00:22.400 right they 9 00:00:23.700 --> 00:00:25.300 they do a bad copy paste. 10 00:00:26.200 --> 00:00:29.500 Right or the numbers don't add up right so that you count 11 00:00:29.500 --> 00:00:33.100 up the deposits and you count them up and it doesn't match the 12 00:00:32.100 --> 00:00:35.200 total at the bottom. They have two thousand dollars in 13 00:00:35.200 --> 00:00:39.100 deposits. But at the bottom they thought they were funny. They put 49,000 and 14 00:00:38.100 --> 00:00:41.400 it's a dead giveaway the human eye can find 15 00:00:41.400 --> 00:00:42.100 all that stuff, right? 16 00:00:42.800 --> 00:00:45.300 But fraudsters have gotten smarter from what 17 00:00:45.300 --> 00:00:48.000 we understand and so when you're sitting there and doing all the math and you're like 18 00:00:48.200 --> 00:00:50.600 everything looks normal all the numbers add up. 19 00:00:51.400 --> 00:00:54.300 It looks like a completely normal bank statement. I can't see anything 20 00:00:54.300 --> 00:00:57.200 wrong with it at all. And that's because the frustrator have 21 00:00:57.200 --> 00:01:01.300 moved on to new new techniques to avoid human detection 22 00:01:00.300 --> 00:01:03.300 of their fraud. And so what this tool 23 00:01:03.300 --> 00:01:06.600 does it's my understanding is that as it 24 00:01:06.600 --> 00:01:09.300 says it will show you parts that have been tampered with 25 00:01:09.300 --> 00:01:12.300 it's using an algorithmic approach to determine what has 26 00:01:12.300 --> 00:01:15.600 been tampered what and supposedly as you said, they 27 00:01:15.600 --> 00:01:18.300 could potentially show you what the original version 28 00:01:18.300 --> 00:01:21.100 of the document look like versus the 29 00:01:21.100 --> 00:01:22.500 one that you've seen. 30 00:01:23.400 --> 00:01:26.500 I don't know that we elaborated on how that is or 31 00:01:26.500 --> 00:01:29.600 if we even inquired about that further, but potentially and 32 00:01:29.600 --> 00:01:32.500 I'm just speculating here. Maybe it has to do with the 33 00:01:32.500 --> 00:01:35.600 fact that if they use layers on the document if 34 00:01:35.600 --> 00:01:38.400 any of you have ever used Photoshop or something you have a layers and 35 00:01:38.400 --> 00:01:41.800 so you can have 10 you can have 10 different layers on 36 00:01:41.800 --> 00:01:44.500 top of the same space of a 37 00:01:44.500 --> 00:01:47.600 document. And so if you strip away the top layer you'll see what's underneath 38 00:01:47.600 --> 00:01:50.300 it perhaps that's what they were talking about. I'm not 39 00:01:50.300 --> 00:01:50.600 sure. 40 00:01:51.400 --> 00:01:54.600 But you referred to there being in some type of savings. They did 41 00:01:54.600 --> 00:01:57.200 cite that there was one unnamed small business 42 00:01:57.200 --> 00:02:00.600 lender that they worked with they said hey, let us examine the 43 00:02:00.600 --> 00:02:04.400 deals where you lost money to fraud. 44 00:02:03.400 --> 00:02:06.400 Right? And how many 45 00:02:06.400 --> 00:02:09.900 of these would Oculus have been able to detect ahead of 46 00:02:09.900 --> 00:02:13.000 time had you used our particular program and 47 00:02:12.200 --> 00:02:15.800 supposedly they would have been able to have detected 48 00:02:15.800 --> 00:02:18.600 one point two million dollars worth of 49 00:02:18.600 --> 00:02:21.500 losses ahead of time. So that funding 50 00:02:21.500 --> 00:02:24.200 company or lending company whatever it was would not 51 00:02:24.200 --> 00:02:27.200 have made those deals in all likelihood knowing the data that 52 00:02:27.200 --> 00:02:30.500 Oculus would have found in advance and would have ultimately saved 53 00:02:30.500 --> 00:02:33.400 1.2 million dollars, you know, that's just kind 54 00:02:33.400 --> 00:02:36.400 of their promotion to the whole thing. Yeah, you know, 55 00:02:36.400 --> 00:02:37.900 I would I would think that 56 00:02:38.800 --> 00:02:41.600 If a company has lost that much to fraud they 57 00:02:41.600 --> 00:02:44.200 probably already have a pretty strong set of 58 00:02:44.200 --> 00:02:47.400 eyes examining documents. And these are the type 59 00:02:47.400 --> 00:02:50.800 of type of things that the human eye is just not able to see that 60 00:02:50.800 --> 00:02:53.600 as you mentioned that I guess the Highlight the areas in 61 00:02:53.600 --> 00:02:56.000 red that will show you 62 00:02:56.200 --> 00:02:59.300 where the document has been tampered with. It's an interesting tool because yeah fraud is 63 00:02:59.300 --> 00:03:02.100 on the rise and apparently it's just getting a lot more advanced. Yeah, and I 64 00:03:02.100 --> 00:03:05.100 think overall I mean one thing there's only 65 00:03:05.100 --> 00:03:08.000 I think this is always gonna be an ongoing issue. I mean people always gonna be 66 00:03:08.200 --> 00:03:11.400 trying to be slick and I know you asked me like how does how 67 00:03:11.400 --> 00:03:14.700 does that look in real estate and I've had that situation when I'm 68 00:03:14.700 --> 00:03:17.800 doing a rental property, but I think it's very interesting just 69 00:03:17.800 --> 00:03:20.400 to see how technology is improving when 70 00:03:20.400 --> 00:03:23.200 it comes to this because you know before like you said 71 00:03:23.200 --> 00:03:26.900 like, you know, you just giving a document you can kind of see certain things 72 00:03:26.900 --> 00:03:29.900 but now it's getting so much more advanced that 73 00:03:29.900 --> 00:03:32.400 there's other things that we don't even know about but 74 00:03:32.400 --> 00:03:35.600 supposedly this program can detect that and I think 75 00:03:35.600 --> 00:03:38.200 for business owners, I mean, this is something that will help 76 00:03:38.200 --> 00:03:38.400 them. 77 00:03:39.100 --> 00:03:42.200 You know not waste time on something like you said, you 78 00:03:42.200 --> 00:03:45.700 know now he's time and money because ultimately not everyone 79 00:03:45.700 --> 00:03:46.700 could afford, you know. 80 00:03:47.600 --> 00:03:51.000 Fancy, you know bringing people that understand these 81 00:03:50.200 --> 00:03:53.100 things and the software will help out a lot. 82 00:03:53.100 --> 00:03:56.400 So I think it's also cool to see how the software is 83 00:03:56.400 --> 00:03:59.700 improving within the industry because I know we've done like storage with 84 00:03:59.700 --> 00:04:02.300 like, you know, Dragon drops off whereas these type 85 00:04:02.300 --> 00:04:05.400 of software. So it's I believe 86 00:04:05.400 --> 00:04:09.400 it's changing the landscape of how business is done just overall just 87 00:04:08.400 --> 00:04:11.300 you know as technology advances. So 88 00:04:11.300 --> 00:04:16.400 it's it's pretty interesting cool product. I 89 00:04:15.400 --> 00:04:18.200 think if you're trying 90 00:04:18.200 --> 00:04:21.400 to commit fraud, you know, 91 00:04:21.400 --> 00:04:25.200 don't oh, yeah, I mean you don't fraud 92 00:04:24.200 --> 00:04:28.100 but those are trying to do it. It's becoming 93 00:04:27.100 --> 00:04:30.200 harder for them. So yeah, but you 94 00:04:30.200 --> 00:04:31.100 don't come from you're right. 95 00:04:31.900 --> 00:04:34.200 And you know, the feds are becoming more 96 00:04:34.200 --> 00:04:38.500 active with actually charging people who mislead MCA 97 00:04:37.500 --> 00:04:40.600 companies small business lenders non-bank 98 00:04:40.600 --> 00:04:43.200 small business lenders. If you defraud a bank, right if you were to 99 00:04:43.200 --> 00:04:46.400 do this on a bank loan application, you're facing 30 100 00:04:46.400 --> 00:04:49.200 years in prison for bank fraud. Yeah. You don't want to do it there. 101 00:04:49.200 --> 00:04:52.300 No, you don't want to do it there. But the reason it's seeing so much more in the 102 00:04:52.300 --> 00:04:55.600 non-bank space is because it's all is it 103 00:04:55.600 --> 00:04:58.000 bank fraud? Is it really thirty years? It's kind of 104 00:04:58.200 --> 00:05:01.000 a great area. But what we've seen recently there have been 105 00:05:01.300 --> 00:05:04.300 some cases where fraud is fraud is fraud and the feds 106 00:05:04.300 --> 00:05:07.300 have pursued fraudsters. Yeah who 107 00:05:07.300 --> 00:05:10.600 defrauded an MCA company or a non Bank small business lender if 108 00:05:10.600 --> 00:05:13.200 you're a fraudster out there. Be careful. Be careful.