Broker fends off £40k ID fraud

by: Edward Murray
  • 15/05/2017
  • 0
Broker fends off £40k ID fraud
Second charge lender Fluent Money is successfully fighting off fraud with identity verification technology.

The most recent incident saw the broker uncover a fraudulent application for a loan of £40,000, which had passed every standard check.

When the driving licence was scanned by the Fluent team, the TrustID validation system red flagged the licence as fake. The technology is used by Fluent to check documents confirming identity requested by lenders.

The technology’s document scanners authenticate documents’ security features – both visible and hidden. The machine reads and stores the printed information on the face of the documents, compares chip and machine readable zone data within passports, driving licenses, visas and identity cards and takes infrared scans of these documents.

Tim Wheeldon (pictured), COO at Fluent Money, said: “Our responsibility as a partner to the lenders we support is to ensure good quality applicants.”

He added: “As brokers and distributors, everyone has the same responsibility to ensure that we do everything we can to stop fraudsters.”


More sophisticated

Tony Machin, CEO of Trust ID, noted that fraudsters were becoming more sophisticated and that the industry needed to be increasingly vigilant.

“A fake ID document can look authentic and to the naked eye may be indistinguishable from the real thing,” he said.

“It is only by scanning and validating the documents at a deeper level, that you can check whether they are genuine. Identity fraud is growing exponentially and lenders are vulnerable, particularly where they rely on third parties to authenticate documentation without the kind of scanning equipment that Fluent Money uses.”


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