Credit Application Fraud - Interceptor

Helping to combat application fraud

As fraud rings, identity theft and identity takeover becoming increasingly commonplace fraud in the financial services industry is at an all-time high. Your risk of significant financial losses increases. Every day organisations across Australia receive applications including false information. This can include a false name, current address, previous address, date of birth, employment details, income and previous credit history details. When assessing applications you may be faced with:

• Systematic abuse by fraud 'rings'.
• Deliberate attempts to provide false information resulting in understated Loan Valuation Ratios (LVRs)
• Non-disclosure of previous identities by fabricating IDs
• Non-disclosure of previous addresses
• Non-disclosure of other liabilities
• Data quality issues

 

Veda's Credit Application Fraud service, for credit providers, helps you increase your fraud surveillance by delivering automated fraud screening and fraud risk scoring solutions. We help you identify serious data inconsistencies highlighting potentially fraudulent applications at the point of acceptance - before a credit decision is made and before you could suffer substantial financial losses.

 

Veda's Credit Application Fraud service helps you: 

• Acquire more 'good' business, enhancing your brand 
• Reduce risks, lowering insurance risk through early Lowering insurance risk through early identification of suspicious data
• Reduce losses, including future losses and claims processing costs