By Craig Flagg
For Home Page Media
As long as people — or nations — continue to try to commit fraud, the staff at Brentwood-based Confirmation.com will have plenty of work on its hands.
Easy money is that business will continue to boom.
That’s one reason why the company is poised to expand its operations.
“If people didn’t steal money, there would be no such thing as an auditor,” Brian Fox said. “There might be accountants, but there wouldn’t be any auditors.”
Fox is founder and president of Confirmation.com, which provides auditors and accounting firms a secure online platform to track the auditing process from start to finish.
A CPA at heart, Fox takes his job quite seriously.
“I feel strongly about what we do for the public,” he said. “We’re certified public accountants. We’re there on behalf of the investing public. And people trust us to do our jobs and to do it well.”
And largely because of its success, the company has been able to raise $60 million through a private equity firm for the purpose of expanding and focusing on international markets.
“We’re going to use that investment as the catalyst to continue to take our core platform in the U.S. and grow it internationally and at the same time, we’ve got a number of new products and services that are tangential to our core service that we want to continue to roll out and expand with,” Fox said. “Commercial credit inquiries being one of those that we’ve recently seen a lot of success with. It’s pretty exciting to see the growth trajectory on that one.”
The market is rife with opportunity, mostly because the competition is, well, let’s say lagging behind.
“In markets where we haven’t opened an office, sometimes we’ll see kinda the ‘two people and a rich relative.’ That’s kind of how I define it,” Fox said about potential competition. “I was there at one point in time, too.
“Or in some cases, we’ll see a large company think that they can do the same thing. But it appears to be easy to start with until you get into it and realize the complexity.”
Fox said that Confirmation.com’s patented platform is designed to serve the masses.
“With an online tool or any tool, we have to have built the tool for the largest (companies) all the way down to the smallest,” he said. “We built it for people in the U.S and around the world, so there is a lot of functionality and uniqueness from a country standpoint, from a specific-user standpoint because a sole practitioner is going to use the service very differently than a Big Four firm.”
The bottom line: Companies using Fox’s technology have caught billions of dollars being lost to cyber-savvy crooks who sometimes view fraud as a game and their victims as naive nincompoops who deserve to have their money stolen.
“We built a network so both sides (accounting firms and responders) can communicate efficiently and securely through our tool,” Fox said. “(And) instead of it taking four to eight weeks, it takes sometimes seconds or minutes, maybe a day, but the parties are validated, so it really eliminates or reduces the opportunity for a lot of the financial fraud to occur.”
But because would-be thieves are always pursuing the next opportunity or looking for the next open door, Fox said that his team has to stay on its toes. It’s like a game of chess, with millions — or perhaps billions — of dollars at stake.
Fox added, “The creativity, the problem solving is what makes this a fun place to work.”