CoreLogic and Synectics Join Forces in Fight Against Mortgage Fraud
Email Dan Smith
September 14, 2011, London, England –
CoreLogic®, a leading provider of information, analytics and business services, today announced that FraudMark®, a highly sophisticated analytic scoring solution to identify suspicious mortgage loans, will become available to mortgage providers through the market leading SIRA fraud prevention platform from Synectics Solutions.
At a time when the National Fraud Authority puts the cost of fraud in the UK at around £38 billion a year , this powerful combination of complementary fraud detection tools will provide lenders with a well-established and flexible rules-based alert system and a highly powerful analytics package to help detect and prioritise potentially illicit applications or misrepresentations. SIRA provides a fully integrated platform for managing holistic anti-fraud strategies, while FraudMark, built on a cross-lender analysis of fraud patterns, aims to identify potential risk through the stringent analysis of applications and utilisation of patented algorithms to assess the likelihood of fraud.
Peter Stimson, UK Managing Director of CoreLogic, comments: “As fraudsters become more ingenious in their planning and execution of mortgage fraud, and losses mount up, mortgage lenders need ever more sophisticated tools to identify suspicious applications. Our partnership with Synectics will enable mortgage providers to increase productivity and detection rates by focusing on the highest risk cases, helping drive down losses due to fraud. The two systems consider different aspects of mortgage applications and are therefore highly complementary. So, this new relationship will give mortgage lenders the data-rich information they need to make decisions more effectively.”
Clients of Synectics are able to use SIRA and FraudMark in on-going efforts to detect and prevent mortgage fraud losses. SIRA users have the autonomy to configure their risk strategy to screen new applications for all financial products (such as mortgages, bank accounts and loans) by identifying high risk profiles and referencing known previous fraudulent and suspicious applications. Working within the SIRA system, FraudMark identifies the patterns formed by key items on legitimate and fraudulent mortgage applications, and compares them to current applications to determine the fraud risk. The SIRA system allows users to prioritise applications by fraud risk using FraudMark.
Kevin Shanahan, Managing Director at Synectics Solutions adds: “Our partnership with CoreLogic once again demonstrates our commitment to enable SIRA customers to integrate value add products and data sources to combat fraud, without bearing any internal IT overheads.”
For further information about products and services offered by CoreLogic in the UK, please visit www.corelogicsolutions.co.uk
Synectics Solutions is an independently owned data management company, providing fraud prevention solutions for nearly 20 years for both the public sector and for many blue chip private sector clients in the UK. Our SIRA solution provides businesses with a scalable fraud detection platform, which is able to integrate best of breed data sources, enabling users to execute their fraud strategy within one environment delivering a single point of referral.
About CoreLogic in the United Kingdom:
CoreLogic in the United Kingdom is recognised as a leading provider of residential property valuation and mortgage application fraud solutions to a wide range of business sectors including secured lending, capital markets, property surveying, financial planning and debt management. Previously operating as UKValuation, the pioneering developer of AVMs for the UK, CoreLogic now manages a growing database of more than 30 million property records. For more information on CoreLogic solutions in the United Kingdom please visit www.corelogicsolutions.co.uk
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CORELOGIC is a United States registered trademark of CoreLogic.
Notes to editors: For more information visit the website – www.corelogicsolutions.co.uk or contact the press office at firstname.lastname@example.org