According to the CIFAS in 2018, there were almost 2,500 cases of mortgage fraud. While fraudsters are becoming increasingly sophisticated and bold, so is the mortgage industry in an effort to target and combat the growing concern. Find out here how adopting a more sophisticated tech platform can help protect you and your clients against mortgage fraud.
Advisers are the front line of defence when it comes to tackling mortgage fraud. We have the first opportunity to raise suspicions and the best chance to spot the warning signs since we have the highest level of contact with borrowers. While holding an ethical responsibility for their clients, advisers also have the very real responsibility of being liable to legal action should they fail to report fraudulent documents, knowingly or not. By having a robust due diligence process in place, advisers protect themselves from legal action should things go awry.
Although going through the motions manually, many advisers are working on the assumption of compliance, and they are likely to be incorrect. There needs to be better awareness in the industry of the requirements for compliance, and then technology can play the leading role in meeting these standards. It’s important to note that by raising compliance standards and developing technology to assist and support advisers in this, the process will not become more burdensome. In fact, the opposite. Digitisation, automation and the implementation of ID verification can be seamlessly integrated into the mortgage process and massively improve the speed, efficiency and cost of verification.
The introduction of ID verification is a ground-breaking step forward for improving the safety and security of buying a house. Just two photos of a customer’s face and a photo of their ID and the computer system can ensure all is in order, with nothing lost or missed, and less opportunity for error or exploitation from fraudsters. The opportunities to develop and safer home-buying system are in place, but we need a cohesive effort from all stakeholders in the process to cooperate and implement these changes. On the ground level, by having the right tech platform in your business to host these advancements is crucial.
Find out if Smartr365 is right for your business by scheduling a demo here.