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Fluent’s ID system stops fraudulent borrower

Fraud detection

Fluent Money has successfully blocked an attempt by a fraudster to obtain a loan.

The fraudster planned to obtain a loan of £40,000 by using a fake driving licence and had passed every standard check.

However, Fluent spotted the fake licence when it was scanned through its TrustID validation system which red flagged the licence and the loan was refused.

Fluent invested in the state-of-the-art ID scanning solution last year and is used to check documents confirming identity requested by lenders.

TrustID’s documentation scanners authenticate documents’ security features, both visible and hidden, as the machine reads and stores the printed information on the face of the documents before comparing chip and machine readable zone data within passports and driving licences.

Tony Machin, CEO of TrustID, said fraudsters were becoming more sophisticated and everyone needed to remain vigilant.

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

“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.”

Tim Wheeldon, COO at Fluent, said its responsibility as a partner to lenders was to ensure good-quality applicants.

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

“Trust ID’s system gives us, and our lenders, peace of mind and I would urge every master broker and distributor to make the same investment.”

Maeve Ward, managing director of residential mortgages at Shawbrook, added: “When Fluent introduced the Trust ID scanner technology last year, we were delighted to see one of our partners taking the initiative on the growing issue of identity fraud.

“As has been shown with this latest case, it is clearly effective and, thanks to this extra layer of protection, lenders like us are better served by our partner introducers.”

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