ID scanning system thwarts fraud attempt
Fluent Money, the UK’s largest secured loan distributor, recently thwarted an attempt by a fraudster to obtain a loan using a fake driving licence thanks to electronic ID verification.
In this blog, we talk to Tim Wheeldon, COO, and Stuart Almond, Group Compliance Director at Fluent Money about why they introduced ID scanning technology and how it works in their business.
Can you tell us more about Fluent Money?
Tim Wheeldon (TW): “Fluent Money is the UK’s largest secured loan distributor working through intermediaries and selected partnerships. We were one of the first businesses in our sector to be fully authorised by the FCA and have put compliance, transparency and service to clients at the heart of how we operate. Our definition of clients also extends to our lending partners and we always try to ensure that we are sending them cases with which we are completely comfortable.”
Why did you decide to introduce electronic identity scanning?
TW: “To be honest. the practice of manual checking documents by eye alone and certifying them is just not tenable in the 21st century and I believe it passively encourages fraudsters to target the secured loan sector.
We processed a case which was proved, after completion, to have been based on a fraudulent document. It was a clear case of identity fraud and it highlighted the shocking fact for us that our thorough, but manual, checks of ID documents were no match for modern forgeries. It was then that we made the decision to research the market to find the technology to counter this growing threat and opted for Trust ID’s scanners.”
How do you use the ID scanning technology in your business?
Would you recommend ID verification technology to other businesses in the Finance sector?
How does Fluent Money use ID checks?
Find out how investing in an ID scanning solution helped Fluent Money check documents confirming identity requested by lenders
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