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.”


There are 0 Comment(s)

You may also be interested in


Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.


Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions

Read previous post:
Nationwide branch
TMW reduces interest cover ratio on buy-to-let mortgages

The Mortgage Works (TMW) is set to reduce its buy-to-let interest coverage ratio (ICR) from 145% to 125% for those...