the eBook provides advisers with information on how to recognise the potential perpetration of fraud and how to prepare the business and staff to combat this
Paradigm Mortgage Services has launched a new free eBook designed to help intermediary firms identify and combat mortgage fraud.
Produced by Paradigm Mortgage Services and Paradigm Consulting – its compliance/consultancy support business – the eBook provides advisers with information on how to recognise the potential perpetration of fraud and how to prepare the business and staff to combat this.
It also reviews the means by which advisers and firms can ensure they are taking all precautions to stop mortgage fraud, including a range of online tools and services which should help distinguish potential attempts to defraud.
The eBook covers the most common types of fraud in the mortgage marketplace, the typical characteristics shown by customers who may be committing fraud and what to look out for on documentation provided by the fraudster – payslips and bank statements.
It also looks at other areas of fraud in the financial services industry and prevention and the available tools that can help firms combat fraud without too much expense.
Christine Newell, mortgages technical director at Paradigm Mortgage Services, said: “While the number of, what we might call, intermediary fraud ‘successes’ are very low, such attempts are constantly being made and there is no indication that fraudsters are going to stop trying to commit these crimes.
"It is therefore vitally important that advisory firms are constantly vigilant about the ways and means fraudsters use, how they can recognise potential fraud, and what they can do to combat it.
“At Paradigm we are always looking for new ways to support the intermediary market, hence we have produced this free eBook and developed our new File Review service, making both of these available to all advisers and firms.
"The eBook provides a wealth of information on fraudulent activity and how to stop it from having a major negative impact on your firm, your client base, and your industry as a whole.
"The large sums of money involved in the mortgage process mean that it is always going to be a target for criminals, but we believe that better education, greater knowledge levels, and a commitment to using technology and sharing information between organisations, will help ensure we keep this to the bare minimum.
“Mortgage fraud can have a devastating impact on all stakeholders and we hope all advisers take the time to read this eBook, and where they feel it is worthwhile, take advantage of our new Fraud File Review Service, to ensure they are doing all they can to meet this ongoing challenge.”
In addition, Paradigm are launching a new Fraud File Review Service. For £500 plus VAT for a full day, Paradigm will review a selected number of files that a firm may consider to be at risk, or where they may have received a decline letter from a lender due to inconsistencies.
From this review, Paradigm will be able to identify any inconsistencies which may potentially assist the firm in dealing, and communicating, with the client and the lender following the outcome of the file review. The service could also play a significant part in helping the firm form an appeal against any removal from a lender panel.
