Free Checklist

7 Tips for Preventing Document Fraud Earlier and More Accurately

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Fraud is a rising issue affecting more and more businesses each year. Lenders especially need to be vigilant to make sure they’re only granting credit to qualified borrowers with a low chance of default.

Technology and automation can be powerful tools for preventing and reducing fraud earlier in the lending process. While identifying suspicious activities is often very manual and redundant, technology can enable lenders to automate the process and easily flag inconsistencies across documents for review. Find out our top tips for preventing fraud, and how automation can help by downloading the full checklist here. 

Interested in seeing what’s on it? Take a sneak peak at the first three tips:

  • Authenticate borrower documents and data

    Verifying borrower data as well as potential malfeasance by internal or external bad actors is key in reducing and preventing fraud. With automation, this process can be built into your workflow, allowing the human component to focus more on high-stakes decision-making.

  • Verify multiple data points for borrowers

    Consider verifying borrower documents and data from multiple sources such as IDs, financial documents (bank statements, pay stubs, etc.), bank accounts, phone and social media accounts, and even knowledge-based verification based on past credit report history.

  • Determine identity theft risk

    By analyzing multiple data points and cross-referencing information with different databases, you can flag stolen identities and detect synthetic identities, determining the risk of identity theft. Automation can help build this process straight into your workflow and reduce your risk.

Download full checklist

Fraud detection is an important part of any workflow and automation can help build it into your workflow, rather than having it act as an afterthought. Successful automated document fraud detection software can help you actively avoid the costs and repercussions associated with document fraud and stay ahead of those acting in bad faith. To learn more about how automation can help prevent and reduce fraud, schedule your demo with Ocrolus.