Fraud Solutions

Fraud is a global problem. In Australia alone it costs the community billions of dollars a year, and is again on the rise after heading downwards post-GFC in 2009. Veda helps credit providers process one trillon dollars' worth of credit applications every year - we identify that at least one billion dollars of that is fraud.

At its most organised, syndicated fraud presents significant financial risk and it is one of the greatest challenges that institutions face.

According to KPMG Fraud Barometer, Edition 6, December 2011, Veda's FraudCheck service provides members with the opportunity to increase their fraud surveillance, help improve detection rates, and share fraud data intelligence with industry peers by becoming part of an Australia-wide virtual-fraud detection network.

Our fraud prevention solution is unique in Australia. It offers a collaborative, knowledge-sharing service that helps members identify fraud at the point of application and before substantial losses can occur.

Benefits to you

  • Unrivalled advantage, deeper insights
  • Real-time fraud data available online immediately
  • Help reduce exposure to bad debt
  • Reap the benefits of knowledge-sharing
  • Help minimise systematic fraud
  • Ongoing alerts for 60-days
  • Seamless integration into members' own systems

Veda's Fraud Focus Group

One of the most effective ways to tackle fraud is as a business community. By joining Veda’s Fraud Focus Group (FFG), you will have access to an invaluable database of confirmed fraud events as well as additional intelligence material highlighting trends, patterns and market insights.  Members include Australia’s ‘big four’ banks, international financial institutions, telecommunications providers, motor vehicle financiers and other credit providers such as credit unions and asset financiers. 

Fraud incidents are reported by all FFG members to the Veda-hosted Shared Fraud Database (SFD) which holds depersonalised (i.e., no names or dates of birth) and verified incidents of fraudulent applications. Only members can access this information.

Exclusive member benefits include:
  • Invitations to two fraud forums a year, featuring experts in fraud (Melbourne and Sydney)
  • Regular round-table discussions with industry peers on fraud prevention, management, trends and case studies (Melbourne, Sydney and Brisbane)
  • Regular email updates and alerts providing statistics, trends and strategies to help optimise mitigation
  • Opportunities to share knowlege and information, develop relationships and establish networks with other credit providers

What are others saying

We’ve cut fraud and built strong industry relationships. Since deploying Veda’s FraudCheck Solution, mortgage provider Pepper has been able to identify 1-2 per cent of the few hundred applications it receives each month with a positive fraud check. This allows them to carry out further investigation and assessment of each such application before making a lending decision. For every fraud that we have identified, we would comfortably recoup the annual fee that we are paying at the moment with Veda. It pays for itself 10 times over without a shadow of a doubt.
Phillip Briggs, Underwriting Manager for Pepper

IDMatrix

Veda’s IDMatrix™ is an advanced electronic verification service that not only verifies customers’ identities, but can also include a thorough fraud assessment in just a few seconds. Learn more