It is the unfortunate truth that many fraudsters have upped their game to take advantage of consumers throughout the COVID-19 pandemic, and the mortgage industry is no exception. As advisers, we are the first line of defence and it is important that we work to protect everyone within the homebuying process against these attacks. Luckily, you are not alone in this battle and sophisticated tech platforms, like Smartr365, can be used to effectively support advisers in their mission.
Advisers are no stranger to identity fraud. According to Cifas, 61% of all fraudulent activity in 2019 was ID fraud. Another serious threat comes in the form of income fraud, which was seen most prominently in self-certified mortgages in the lead up to the 2008 financial crash, but is still a considerable problem for our industry today.
While cases are rare, the money in question could be substantial. For example, there were 58,890 home purchase mortgages completed in December 2019 alone, totalling £11.9bn (UK Finance); even if fraud only occurred in 1% of these cases, it could amount to as much as £119m per month.
Protecting against ID fraud requires a robust solution for ID and address verification. Smartr365 uses digitisation and automation to seamlessly integrate these checks into an end-to-end mortgage process to improve the speed, efficiency, and cost of verification.
Is your mortgage platform working to protect you and your business against fraud threats? scheduling a demo with Smartr365 today to see how we can help defend against fraud.