outsource Financial launches new Fraud Finder for brokers

Fraud Finder was rolled out to outsource Financial brokers last Friday (11 September), with representative Steven Chamos saying the solution was designed to give brokers an “X-ray vision” across financial documents.

“A document can look completely normal on the viewed page, but the electronic file itself may still contain a history of changes, who it previously referred to, or other inconsistencies that are not obvious to the naked eye,” he said.

“We are not telling a broker whether a document is fraudulent. Our system’s task is to surface the available evidence within an electronic file so the broker can make a better-informed decision.”

Protecting client information was also a central theme in the design, according to Chamos.

“We made a deliberate decision from day one that Fraud Finder would never need to take possession of a broker’s client documents,” he said.

“The document stays on the broker’s device. We do not receive it, we do not store it and we cannot see it. That means brokers can get the benefit of document forensics without creating another database of highly sensitive client information that could become a target for a potential data breach or cyber attack.”

Meanwhile, outsource Financial CEO Tanya Sale said the platform reflects the aggregator’s commitment to equipping brokers with practical tools and supporting better client outcomes.

“As we are all currently seeing, on an industry-wide level, there is growing sophistication on fraudulent activity, which is presenting new challenges for both brokers and lenders alike,” Sale said.

“Fraud Finder provides our brokers with a much-needed additional layer of protection, as it has the ability to analyse key financial documents, picking out anomalies, alterations and fraud indicators. This tool is going to enable greater confidence in application quality across the board, which will in turn, result in more efficient assessment outcomes.”

Focus on fraud

The launch comes as fraud and cyber crime remain a growing concern for brokers and other participants across the property and lending ecosystem.

Last week, several accounting firm employees were charged over their alleged roles in facilitating fraudulent loan applications, amid broader scrutiny of suspected mortgage fraud and falsified loan documents across the financial system.

In February, AUSTRAC’s Fintel Alliance launched Operation Claw, analysing information from 10 major banks to identify potential co-ordinated mortgage fraud.

The intelligence operation identified potentially hundreds of millions of dollars in suspect lending, much of it linked to Sydney property, with suspected conduct including overstated income, misrepresented employment, and fabricated or unverifiable business activity.

AUSTRAC has also referred around 200 mortgage brokers, lawyers, accountants, and companies to police, tax authorities, and ASIC over suspected links to mortgage fraud and other questionable conduct in the home-loan process.

Commenting on the fraud risks facing the industry, Sale said maintaining trust and confidence across the lending ecosystem remained a key priority for the aggregator.

“We know our brokers are looking for practical solutions that can support stronger compliance and verification processes without adding unnecessary complexity,” she said.

“Fraud Finder has been designed to do exactly that by delivering fast, effective insights into the authenticity of key financial documents. By helping brokers identify potential concerns earlier in the process, we’re supporting greater confidence for brokers, lenders and clients alike.”

[Related: outsource Financial expands team as network grows]