JACKSONVILLE, Fla. (May 15, 2006) Fidelity National Information Services (FIS), today announced the launch of FraudDetector(TM), an easy-to-understand, low-cost fraud screening solution that combines borrower and property fraud detection data within a single-page report. Delivered via the Web in real-time, FraudDetector enables lenders to identify high-risk loans at the point of origination, reducing the potential for fraud-related risk.
In the same manner credit scoring is used to identify credit risk, FraudDetector helps lenders identify identity and property fraud risk at the time of application. Using a rating scale ranging from very low to very high risk, FraudDetector provides lenders with an overall fraud risk score, along with a fraud risk level for four distinct categories: identity, occupancy, valuation, and suspicious transactions/flips. With this information, lenders can quickly determine which loans to audit, saving them time and money.
When a loan is rated as moderate or high risk, lenders may upgrade to one of the comprehensive, Web-based fraud identification products offered by FIS' Hansen Quality division. The company's Preview FP(TM) provides detailed property and identity fraud risk information, while its Insight(TM) offering assesses risk based on factors such as REO activity, recent number of flips and high property turnover volumes.
"We understand that in today's competitive mortgage market, originators are looking for ways to reduce risk while continuing to drive cost and inefficiencies out of the origination process," said Jon Davis, president of Fidelity National Information Services' Data, Analytics and Valuation Group. "As a leading provider of data, technology solutions and services, we are uniquely positioned to provide the industry with an unparalleled range of fraud detection solutions and, with the introduction of FraudDetector, we can now provide lenders with a concise, low-cost solution that's ideal for use as the front line of defense on 100 percent of loan originations."
SOURCE: Fidelity National Information Services