Corelogic and Synectics believe that at a time when the National Fraud Authority puts the cost of fraud in the UK at around £38 billion a year, this powerful combination of complementary fraud detection tools will provide lenders with a well-established and flexible rules-based alert system and a highly powerful analytics package to help detect and prioritise potentially illicit applications or misrepresentations.
SIRA provides a fully integrated platform for managing holistic anti-fraud strategies, while FraudMark, built on a cross-lender analysis of fraud patterns, aims to identify potential risk through the stringent analysis of applications and utilisation of patented algorithms to assess the likelihood of fraud.
Peter Stimson, UK managing director of CoreLogic, commented: “As fraudsters become more ingenious in their planning and execution of mortgage fraud, and losses mount up, mortgage lenders need ever more sophisticated tools to identify suspicious applications.
“Our partnership with Synectics will enable mortgage providers to increase productivity and detection rates by focusing on the highest risk cases, helping drive down losses due to fraud. The two systems consider different aspects of mortgage applications and are therefore highly complementary. So, this new relationship will give mortgage lenders the data-rich information they need to make decisions more effectively.”
Clients of Synectics are able to use SIRA and FraudMark in on-going efforts to detect and prevent mortgage fraud losses. SIRA users have the autonomy to configure their risk strategy to screen new applications for all financial products (such as mortgages, bank accounts and loans) by identifying high risk profiles and referencing known previous fraudulent and suspicious applications.
Working within the SIRA system, FraudMark identifies the patterns formed by key items on legitimate and fraudulent mortgage applications, and compares them to current applications to determine the fraud risk. The SIRA system allows users to prioritise applications by fraud risk using FraudMark.
Kevin Shanahan, managing director at Synectics Solutions, added: “Our partnership with CoreLogic once again demonstrates our commitment to enable SIRA customers to integrate value add products and data sources to combat fraud, without bearing any internal IT overheads.”
