FraudMark from UKValuation is currently being used by two of the top-tier lenders and is shortly moving into trials with three further major lenders, with the possibility of some systems going live as early as the New Year.
Mortgage fraud is a big problem in the UK, with over £600 million (at least) every year lost to dishonest applications. Despite the inherent risks, lenders simply do not have time to scrutinise every application in enough detail to eliminate the possibility of fraud and are forced to select a sample of applications for closer inspection by a fraud expert.
FraudMark will pre-select applications for closer investigation by accurately ranking them according to the likelihood that they are fraudulent, thus enabling banks' fraud analysts to focus on the most important cases.
The system could save every lender in the UK millions of pounds every year, as UKValuation managing director James Neave explains: "FraudMark gives each application a rating between 1 and 999, with a high score indicating a good chance that there is fraudulent misrepresentation somewhere on the form."
