Lending Fraud
It’s not just retail that gets targeted by the fraudster
Fraudsters stole between £160 and £180 million in 2006 by using stolen identities when applying for loans and mortgages.
Financial institutions are increasingly using identity verification services to supplement their usual credit check processes-143.gif)
- A simple identity check employed during the account opening process can trap the fraudsters.
- But what about lending fraud attacks from within existing or dormant accounts that seemingly pose little threat? IP address validation or voice verification tools serve to help detect and deter fraud within existing customer account bases and especially in online banking applications.
The latest APACS research also shows that losses from online banking fraud increased by 44% on 2006 levels, generating £33.5 m for the fraudsters.
Our Solutions
- 192 Account-ID to combat CNP fraud
- 192 Net-ID ensures that customers are who they say they are
Further information
192 reveal the fraudster's Modus Operandi
The 2007 APACS Fraud review, the annual de facto fraud stats for the UK
The All Party Parliamentary Committee on Identity Fraud, their October 2007 report
The Fraud Review, the UK Government’s response to growing pressure to step up the fight against fraud
