LoanSafe Fraud Manager is a predictive analytical tool designed to detect fraud and misrepresentation within mortgage applications at the point of origination. Suspicious applications are defined by a high score and are filtered by the user for further investigation. LoanSafe Fraud Manager is not a credit rating tool – instead it allows client investigation teams to focus their resources on reviewing the more suspicious applications and builds value through higher detection rates and greater loss prevention.
LoanSafe Fraud Manager uses a patented pattern-recognition system that looks at the entire transaction and compares it to other applications and historical data to find inconsistencies that suggest fraud. This inside-out approach uses complex algorithms to relate data thousands of different ways and assess risk. Cross-referencing has the additional benefit of exposing fraudulent schemes that share data between applications such as employment information or even phone numbers. Duplicating fraudulent information is common among criminals who often treat each application as a separate event, betting that the lender will never compare them.
Relationships & Variables
LoanSafe Fraud Manager evaluates a variety of variables by their relationship with other attributes, creating a web of thousands of factors by which loans are analyzed. This broad-spectrum approach reduces false positives by ensuring that no single attribute holds too much weight. LoanSafe Fraud Manager analyses:
Use LoanSafe Fraud Manager to:
- Benefit from a de-identified national industry-wide data pool. LoanSafe Fraud Manager does not share specific lender data between lenders, however misrepresentation patterns identified in one lender are mutually utilised by all clients of the model.
- Get a greater depth of knowledge and experience when it comes to fine-tuning predictive analytical variables thanks to model maintenance being conducted by an international team with exposure to Australian, USA & UK markets.
Using LoanSafe Fraud Manager during the application phase can dramatically improve business performance by helping lenders:
- Reduce loan application review costs;
- Improve productivity;
- Increase loan performance and quality;
- Drive down fraud-related losses; and
- Reduce early payment default.
Features of LoanSafe Fraud Manager include:
- LoanSafe Fraud Manager Score Reports
- Likely Misrepresentation Type
- Specific Reviews
- Statistical Distribution
Who uses LoanSafe Fraud Manager?
- Banking and Finance professionals
- Loan Mortgage Insurance professionals
LoanSafe Fraud Manager's one-page reports are presently available on an initial trial basis where the user can model and evaluate their historical loans using the product, followed by a subscription service.
For more information on how you can best put LoanSafe Fraud Manager to work for you and your business, phone 1300 734 318 or fill in our enquiry form.