Finsure rolls out fraud protection for brokers

The new support measures will mitigate risks faced by brokers in receiving applications from referrers and consumers

Finsure rolls out fraud protection for brokers



Finsure has unveiled new support measures in a bid to protect its expanding network of brokers from fraud schemes.

Under the new measures, Finsure give brokers the option to have their loans processed completely through an in-house broker support service that includes a fraud prevention specialist.

After the endorsement of loan applications, the fraud prevention specialist will assess and verify authenticity.

The fraud prevention specialist will assess and verify the authenticity of the applicants’ details, documents, and any other supporting material that is subject to fraudulent activity.

Furthermore, the specialist will validate payslips and bank statements plus all other supporting documentation pertinent to the loan.

Simon Bednar, general manager of Finsure Group, said the process was designed to help prevent the risks faced by brokers in receiving applications from referrers and consumers. These risks include undisclosed liabilities and dependence, falsified income documentation, and incorrect employment status.

Bednar said Finsure's fraud detection process utilises a range of technology based and industry standard procedures to ensure the safety of broker accreditation.

"Our fraud prevention process team utilises a document verification service to confirm the authenticity of identification documents provided in support of applications which has the capacity to integrate facial recognition and identify identity theft," he said.

"Barcoded documents are scanned and compared against supplier records to ensure every possible step is taken to ensure Finsure brokers are protected from disingenuous borrowers and falsified documents.”

Bednar said fraud schemes are becoming more complex and threatening to the broking industry. Recently, two major banks have been ordered to pay fines and remediation in excess of $2bn for breaches of the anti-money laundering (AML) framework.

"Finsure’s fraud prevention process utilises both AML sanctions testing and politically exposed person (PEP) screening to assist in the mitigation of these risks for lender and broker alike," he said.

"Protecting your business from fraud can be a complicated and daunting task. To better protect yourself and your business, we will be including our cutting-edge fraud protection offer as part of the broker support service," he said.

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