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Fraud Prevention in

Financing

Monitor Plus Credit Application and Loans Fraud Detector™ (previously known as Monitor Plus ITC™) prevents and controls financing fraud in all stages: from credit or card requests, throughout the product’s life, and up to cancellation. This solution also detects error and policy non-compliance in financing, preventing errors or policy or procedure deviations that surpass permitted thresholds, potentially increasing utilities. 

 

This solution detects the following fraud patterns:

  • Third-party fraud (identity theft): when the fraudster assumes another person’s identity to request a credit with a limit that they could not access otherwise.

  • First-party fraud: when the fraudster acts in their own name with false supporting information and no intent of paying back the debt.

  • Synthetic identity fraud: when the fraudster requests financing using identities that do not belong to a real person or only include bits of information belonging to a real person/s.

  • Scalable fraud: when the fraudster requests financing for low amounts, timely delivering payments to create a positive history that allows them to request extension to increase the credit limit. Once that credit limit has been maximized, the fraudster stops payments.

  • Internal fraud: employees that alter applications to meet quotas or commit fraud.

Monitor Plus 

Credit Application and Loans Fraud Detector