CoreLogic and Synectics launch fraud prevention tool

CoreLogic and Synectics Solutions have teamed up to launch a scoring solution designed to identify mortgage fraud.

FraudMark will be available to mortgage providers through Synectics Solutions’ existing SIRA fraud prevention platform.

FraudMark aims to identify potential risk through a cross-lender analysis of fraud patterns.

Peter Stimson, UK managing director at CoreLogic, says: “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.”

He adds that the two systems, SIRA and FraudMark, are complementary as they consider different aspects of mortgage applications.

Kevin Shanahan, managing director at Synectics Solutions, says: “Our partnership with CoreLogic once again demonstrates our commitment to enable SIRA customers to integrate value added products and data sources to combat fraud, without bearing any internal IT overheads.”