Case Study: Portman Asset Finance
How Portman Asset Finance reduced fraud and cut operational cost.
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of unique documents flagged as high-risk.
of all checks results returned in under 1 minute.
Average processing time per document.
Fraud Finder has proven to be a very useful tool for our fraud prevention team. The ability to detect amendments to documents added to the font analysis gives us an additional way of spotting fraudulent applications. It provides a robust evidence trail for the records. It is also a useful screening tool to pick out the documents submitted in support of applications which need further scrutiny. The product has prevented several fraudulent applications since we introduced it into the business and it is now a permanent addition to our checks
Meet Portman...
A case study on how Portman detects document fraud in a high-fraud risk environment without compromising the speed at which they review applications.
Portman Asset Finance is a well-established financial provider serving UK SMEs with access to a range of finance options under one roof. They’ve arranged close to £1bn in funding for over 10,000 companies of all sizes via their own lending and a panel of over 40 partners.
Businesses choose Portman because they are adept in helping finance most asset types and loan purposes. They pride themselves on fast approvals Their flexibility and breadth of their offerings come from their unique position as both a lender and a broker. This allows them to build tailored packages for businesses from multiple sources, including themselves.
With such an active book, Portman required an automation tool that added significant document fraud and risk analysis to their loan review process without causing any customer friction or increasing loan processing review times.
Portman realised that their risk and compliance team faced a significant challenge: the increasing sophistication of digital document forgery. This made it harder to detect changes to official documents (such as bank statements) that couldn't be seen by the naked eye. Since Portman review a large number of documents daily and prided itself on quick approvals, it wanted to reduce the time it took for its financial crime experts to resolve escalated cases as well as be able to identify and eliminate clear instances of fraud instantly.
To address this, Portman needed a tool that could quickly verify document authenticity, without having to rely on time-consuming methods like contacting the document issuer.
Portman turned to Fraud Finder to meet the challenge of fast and accurate document automation. Deciding to utilise the secure online portal version of Fraud Finder (rather than the API), they saw a marked improvement in their capability to easily highlight instances of digital tampering. Simon Williams, Head of Compliance and Operations at Portman, claims that,
The product has proven to be very useful for our fraud prevention team. The ability to detect amendments to documents added to the font analysis gives us an additional way of spotting fraudulent applications. Moreover, it provides a robust evidence trail for the records
With Portman using the Fraud Finder to authenticate real documents and investigate suspicious ones, Simon also claimed that Fraud Finder had,
prevented several fraudulent applications since we introduced it into the business and it is now a permanent addition to our checks
A staggering 21% of unique document submissions have been flagged as high-risk since Portman made Fraud Finder a permanent fraud tool in their review process.
These flags have been triggered by a number of cutting-edge fraud tests built into our algorithm, such as:
Identifying both blacklisted software commonly used by fraudsters and irregular software that doesn’t match that used by official issuers
Whether the document is original or scanned
Highlighting unusual document architecture that differs from authentic statements
Analysing fonts and displaying them as different colours to highlight irregularities and
The detection of previous versions of the same documents
With these automated fraud tests in place, the risk team at Portman are able to check bank statements with considerably more confidence than by relying on human review.
96% of all checks we’ve completed for Portman so far have returned results in under a minute. The average processing time per document submission is 30.33 seconds. This has enabled Portman to maintain a competitive advantage by offering their customers remarkably quick yet risk-free loan approval times.
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Fraud and risk in Business Lending
Features applicable:
Advanced document analysis
Open banking algorithms
Data enrichment
Raw banking > JSON code conversion
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