Application Fraud

Money lending is the main activity of every bank. Every day, banks receive thousands of loan applications and must decide, which ones to accept. Such decisions are made based on the applicant’s credit score, collaterals or credit history. Unfortunately, not all applicants are honest – some of such applications are filed with the loan default in mind.
kdprevent™ Credit Fraud Detection solution has been developed to prevent credit fraud.

Advantages

  • Reduced number of credit frauds
  • Standardized loan application verification process
  • Application processing based on historical data, data from other systems and national databases
  • May be linked at any stage of the loan application life cycle
  • Real-time decision making
  • Single verification mechanism for multiple application types submitted via multiple channels
  • Reduced manual verification resources
  • Easily integrated with the bank’s systems
  • FAST ROI

Functionalities

  • Online consolidation of applicant and loan application data
  • Automatic decision making based on predefined rule strategies
  • Manually operated if automatic verification outcome is unclear
  • May be linked at any stage of the loan application life cycle
  • Champion-challenger scenario option (A/B tests)
  • Own rules defining and testing option
  • Application processing based on data from multiple bank systems
  • Application processing based on multiple source data, e.g. BIK (Credit Information Bureau), BIG (Business Information Bureaus) and Wanted Persons List
  • Automatic actions, e.g. account blocking, texting, reports to Call Center
  • Black and white list support (e.g. bank account numbers, IP addresses, email addresses, addresses, ID documents, payment card numbers)
  • Data included in the rejected loan application may be marked as compromised

Contact

contact [at] impaqgroup [dot] com