Fraud is a reccurring issue for the housing industry, garnering nearly $5.3 billion of industry cash in 2016 alone.
Although there may be no immediate resolution for the problem, some companies are putting forth an effort reduce the risk of deception.
Amongst these companies includes HousingWire Tech100 winner ARMCO. The provider of technology for loan quality and compliance testing, data validation and analytics recently announced the launch of Fraud Case Manager, which it calls the industry’s first fraud investigation technology.
“Fraud cases are full of confidential details and valuable data, and most lenders aren’t using this data to their advantage,” ARMCO President Phil McCall said. “Now lenders can use Fraud Case Manager to protect sensitive information, analyze data for strategies going forward, and increase efficiency and accuracy.”
ARMCO asserts that a majority of lenders have numerous fraud investigations open and often use spreadsheets or “disparate” technologies to analyze them, however they are prone to security breaches and errors.
Fraud Case Manager aims to provide lenders with a secure, fully configurable web-based alternative, allowing them to manage all fraud investigations in a single location. This ensures companies avoid the risks and delays associated with traditional fraud case management methods.
The technology allows users to track details of any case in seconds and limits usage to only authorized parties. Notably, Fraud Case Manager permits users to analyze data and create comprehensive reports that provide valuable insights.
McCall stated that although fraud will never be eliminated, the best defense lenders can take is to is identify trends as quick as possible.
“Now they can uncover the issues that trigger investigations in moments, whether brought about by staff members, oversights or any other variable,” McCall continued. “That’s the biggest step forward lenders can take in mitigating fraud risk.”
