Fortiro enables faster loan approvals and smarter fraud detection at MONEYME

Fortiro’s fraud detection technology is helping ASX-listed digital lender MONEYME accelerate loan approvals while maintaining robust safeguards against fraud.

As MONEYME scaled its 60-minute car finance product, Autopay, it sought a way to verify documents like payslips faster, without compromising on risk. By integrating Fortiro Protect, MONEYME was able to automate fraud checks to speed up the customer experience while mitigating fraud. Within the first week, the platform had flagged a high-risk document worth $100,000.

The Challenge: Increasing Speed while Reducing Fraud

Financing relies upon accurate income verification, which can include various methods such as screen scraping and open banking. While these methods can provide accurate income verification, many customers feel more comfortable submitting documents like payslips, which can be challenging to automate without introducing opportunities for document fraud.

To offer customers flexible income verification options while reducing processing times, MONEYME looked for a reliable solution to verify documents quickly and accurately.

Autopay’s Operations Manager, Callan Manickum said, “Removing documents such as payslips as an income verification route would result in reduced loan volumes and we are committed to providing customers with choice. Payslips carry a higher fraud risk compared to bank statements, so there was a lot of internal pressure to move away from payslips. While you’re limiting risk, you’re capping your loan volume, which is not ideal, so we wanted to evaluate our options.”

MONEYME required a solution that could simultaneously address fraud detection and enable document-based income verification, enabling the company to offer customers a choice without compromising on speed or risk appetite

“We needed to be able to confidently verify that the people we are lending to aren’t engaging in fraud,” Manickum said. “So that if there was a situation where we did need to repossess a vehicle, we had greater confidence that we had done all the right things in the underwriting stages,” Manickum said.

The Solution: Fortiro Protect

To address this challenge, MONEYME implemented Fortiro Protect to scale its operations and mitigate document fraud.

Fortiro Protect completes over 100 fraud checks and integrates seamlessly into MONEYME’s workflow. Fortiro Protect delivers fraud detection results in under 30 seconds, which makes it well-suited to the lender’s 60-minute ‘time to yes’ goal. According to Manickum, “Fortiro gave us the confidence to continue offering payslips and other documents as a verification option while reducing the associated risk.”

Fortiro’s comprehensive, industry-leading fraud detection features, including the ability to pinpoint and reverse changes to show the original document, are particularly valuable to MONEYME’s Credit Team Leader, Tom Tredinnick.

To read more of this article, please visit: https://fortiro.com/blog/moneyme-detected-a-100000-fraud-attempt-with-fortiro