Loan fraud
Fraud involving consumer and mortgage loans is a growing threat. According to FinCEN, the overall number of Suspicious Activity Reports (SARs) filed for suspected mortgage and consumer loan fraud respectively ranked fourth and tenth amongst all reported fraud cases.
In addition to detecting possible new account fraud and money laundering, Verafin’s loan fraud analytics provide the following advantages:
- Loan transactions are analyzed for potential fraudulent activity including:
- Late payments
- Excessive credit usage
- Excessive loan volume
- Analysis of identity theft indicators including elder abuse, frequent and recent address changes, new account, and the presence of FACTA red flags
- Easy-to-follow investigation workflow
- Risk-rated alerts help manage and prioritize your review workload
- Alerts include evidence and statistics to optimize and focus your review and investigation
- Case management helps you organize and document your investigation
- Quickly create and electronically submit a pre-populated Suspicious Activity Report (SAR)
