Fraud Prevention System (FPS)

Optimize the mortgage application process with highly specialized fraud detection tool

BENEFITS
> Fully automated system utilizing several fraud detection methods such as business rules, profiles and risk models > Supports detection of fraud in the mortgage application process and can be used for the inventory of fraud risks > Solution can be integrated with front, mid and back office systems > FPS checks for potential security or income fraud and other forms of malversation > Directly affects efficiency of the production process delivering high degree of straight through processing

The fight against fraud is a serious challenge mainly within the mortgage credit market. The emphasis generally placed on speed in processing of applications goes against the need for careful assessment of application data. Incorrect evaluation of potential mortgage lender is associated with vast expenses and can damage reputation of the financial organization.

FRAUD RISK EVALUATION DELIVERED BY FAST AND EFFICIENT RULE ENGINE

Fraud Prevention System (FPS) is a technical solution supporting mortgage providers in fraud prevention and thus cutting risks of discreditable investments. The most essential part of FPS is the fraud scorecard utilized to carefully assess each mortgage application item on possible presence of fraud. Variables are checked on different levels of control detecting inconsistencies, improbabilities, similarities with previous registrations and general scoring rules. On a basis of decision rules, every request is granted points and if a by society set rule is exceeded, the item is set as potentially fraudulent. Depending on outcome, FPS generates a specialized workflow for each fraud type. The workflow is assigned to a fraud researcher who follows the steps to investigate the particular fraud type as efficient as possible.

ABOUT DAVINCI
Fraud Prevention System is a proud product of Davinci group based in Amsterdam, Barneveld and Bratislava. Throughout 20 years of service and cooperation with many reputable institutions of financial, sport and nonprofit sectors, Davinci became a valuable partner for solving a wide range of different business, strategy and process optimization issues. We offer solutions, we offer results.

Business rules exist like dynamic components of the solution and are configured according to particular needs of clients. FPS provides additional functionality to use the models of Dutch Property Valuation (NBWO) in order to verify if the appraised value received by the notary is representative to the value of collateral.

GRAPHIC REPRESENTATION OF ASSESSED CASES IN USER-FRIENDLY INTERFACE

The user interface offers visual representation of data retrieved from the mortgage application, and designs it in an orderly manner either in detail or in high level overview. Users can see which business rules and to what extent have they contributed to the final risk score value. According to this, mortgage applications are assigned with risk categories and grouped to ensure effective handling in further process management. In addition, users are able to add comments to entries, assign applications to different employees, enter the date of potential finalization of the application, or attach documents from external systems.

AUTOMATED EVALUATION OF MORTGAGE APPLICATION REDUCES TIME TO VALUE

FPS brings effectiveness to the mortgage application process by quick automated disclosure of fraudulent cases thus directly influences the organizations return on investment. Besides risk assessment, FPS provides the user with a possibility to register new cases, consult and modify previously administered ones, or perform extensive search in the database. With FPS, you are also able to create lists of attributes, which should be assessed with increased awareness as there is higher risk of fraud. By utilization of technologies which are proven, financial institutions using FPS can significantly reduce manual work associated with assessment of fraud in the mortgage application process.

Product developed by

Davinci, Atlas Arena Gebouw Azi Hoogoorddreef 5 1101 BA Amsterdam ZO Tel.: +31 (0)20 550 37 50

www.davincigroep.nl