Interthinx Unveils Most Comprehensive Fraud Prevention Tool to Date

January 1, 2011 / 4 min read

FraudGUARD® draws from largest database of loan information to spot fraud patterns

AGOURA HILLS, Calif., Sept. 25, 2006 — Interthinx™, the leading provider of comprehensive fraud prevention, compliance and decision support tools for the mortgage industry and an ISO business, is proud to announce its next generation loan-level fraud detection solution for lenders and investors: FraudGUARD®. By utilizing FraudGUARD, lenders and investors can significantly reduce loss due to fraudulent transactions, increase pull through rates, process more loans with less resources and improve loan quality.

“Today’s fraudsters are attacking on multiple fronts. Simply considering components of a loan is neither enough nor is it complete protection,” said Kevin Coop, president of Interthinx. “FraudGUARD uncovers the entire fraud scheme because it uses a holistic approach to fraud detection. By combining the ‘best practices’ of system and application intelligence with Interthinx’s 10plus years of experience in fraud detection, FraudGUARD analyzes an entire loan file to flush out fraud in every aspect of the loan application process. FraudGUARD is truly the most comprehensive fraud detection weapon on the market to protect lender and investor assets.”

FraudGUARD is powered by FraudNetSM, a network of data, pattern matching analytics and industry experience that provides fraud prevention solutions to the mortgage industry. Using this technology, FraudGUARD is able to uncover fraud by comparing loan application information with data pulled from the proprietary Interthinx National Fraud Protection Database (NFPD), aggregated 1003 (application) data spanning over 10 years, third- party data, and internal shared data. The data is then analyzed using a pattern-matching system designed to emulate the most current fraud tactics. The system employs models and search algorithms to spot patterns and commonalities between the loan information and previous instances of loan fraud.

“FraudGUARD is the most comprehensive and progressive risk evaluation tool on the market today,” said David Subar, chief information officer of Interthinx. “Because Interthinx is the largest aggregator of application data in the industry, we can provide data/results that simply aren’t available anywhere else in the market place. Effective fraud detection requires a study in pattern identification, which is a function of identifying, isolating and tracking data. History of multiple loans, both valid and fraudulent, is imperative to compare a submitted loan both to data and heuristics (related ‘rules of thumb’). FraudGUARD encompasses ample and diverse historical application data, deeming it not only authentically practical, but powerful.”

“The release of FraudGUARD is a huge step forward in completely eliminating fraud from the mortgage industry,” added Coop.

Key Benefits to FraudGUARD:

Can be applied to a single loan or to a pool of loans
Can review 100% of loans for fraudulent activity including identity, collateral risk and data integrity
Provide expert scoring based on rules and artificial intelligence
Only collateral risk tool that calculates 1003 data, neighborhood and property analysis
Is easily accessible and defined exposure
Includes forensic tools such as maps, graphs and chain of title
Delivers rapid delivery of accurate default/foreclosure propensity and flip risk
Combines borrower, property and loan participant components instantly
Processes individual loan files in seconds
Eliminates or reduces other origination, verification or AVM costs
Customizes suggested “actions” for resolution according to customer/investor policies
Easily integrates into most Loan Originations Systems (LOS)
Provides output data that can be as concise or as detailed as desired

About Interthinx
Interthinx is the nation’s leading provider of automated fraud protection, compliance and decision support tools for the mortgage industry. Used by 15 of the top 20 lenders, Interthinx combines its National Fraud Protection Database (NFPD), along with advanced technology and data collection, to offer the most comprehensive fraud detection system available. Interthinx helps to bridge the gaps left by traditional manual fraud detection by enabling the increase of front-end efficiencies while improving quality control and profitability. Its multi-faceted approach to risk management includes innovative training programs designed for greater retention and immediate results. More than 1,100 customers rely on Interthinx, an ISO business, for automated scientifically-based solutions, historical analysis and consistent data collection. For more information, visit www.interthinx.com or call 1-800-333-4510.

About ISO
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO services help customers protect people, property and financial assets.

Release: Immediate

Contacts:
Giuseppe Barone / Erica Helton
MWW Group (for ISO)
201-507-9500
gbarone@mww.com / ehelton@mww.com

William Mills III (Interthinx)
1-888-271-9439

Jamie Pape (Interthinx)
678-781-7214