Interthinx has enhanced the Identity Verification feature in FraudGUARD with a more robust set of identity data and improved analytics for fraud detection. The new identity data is seamlessly integrated into FraudGUARD, and it groups borrower information to isolate identity misrepresentation before loan funding, the company says.
‘Over the last six months, our analysis shows an average of 5.7 percent of loan applications are from borrowers who simply are not who they say they are," says Stacey Louie, senior vice president of product development for Interthinx. "This level of identity misrepresentation exposes lenders to extreme and intolerable risk. In response to client demand, our developers have carefully incorporated a comprehensive identity data set into Interthinx proprietary technology. The 16 new identity alerts and state-of-the-art analytics within FraudGUARD reduce false positive findings and improve fraud scoring."
The identity enhancement enables lenders to locate maiden names, aliases and misspelled names, and borrowers who have changed their identity.
The enhancement also includes information such as the number of trade counts associated with a borrower's name and social security number (SSN), the number of trade counts associated with a borrower's address, additional reported SSNs associated with a submitted SSN, property type for each borrower address and employer information reported to a credit bureau.