We newly added the following algorithmic checks for bank statements:
- Un-reconciled balance: This check detects if the beginning and ending balances on a bank statement are valid and reconciled based on the transactions available on the bank statement.
- Invalid transaction dates: This check detects if the transactions listed on the bank statement actually occurred during the period. The system flags each invalid transaction of the statement period if it has not occurred during the statement period (with a few exceptions for weekends and holidays).
These checks apply to customers using the API and Dashboard for Detect on Bank Statements. These signals can be used to determine that a bank statement is altered by either adding or removing transactions and is an invalid representation of the customer's bank account.
To learn more about this algorithmic check, see the Understanding signals page.
A new check Online Generated Paystub is added in Detect to check the authenticity of Pay Stubs. This check detects if an online pay stub generator tool was used to generate the pay stub. If so, it raises a signal to alert that the pay stub and employment may not be valid. It also provides details about the online pay stub generator tool that was used to generate the pay stub.
Note: There are instances like self-employment where the employee self-generates the pay stub using an online pay stub generator tool and it can be considered valid. Hence, it's suggested to analyze such cases manually.
These checks apply to customers using the API and Dashboard for Detect on Pay Stubs. To learn more about this algorithmic check, see the Understanding signals page.