Posts by Steph Wood
How to Combat Invoice Fraud in Lending and Asset Financing
Invoice fraud is complex. Fraudsters use invoices in many ways to scam lenders and consumers. In 2023, Australians reported $91.6m in payment redirection scams. Invoice fraud in asset financing occurs when a borrower or vendor submits false or inflated invoices to secure funding from a lender. Invoice fraud may be carried out in several ways,…
Read MoreUnlocking Efficiency: CCCFA Changes Transform New Zealand LendingÂ
In a significant shift for lenders in New Zealand, the Credit Contracts and Consumer Finance Act (CCCFA) is changing to streamline and simplify income verification to support responsible lending. The CCCFA legislative reform presents a new opportunity for lenders, moving towards a more efficient system focused primarily on income verification. What’s Changing? The most notable…
Read More[Video] Identifying and Reducing Life Insurance Fraud with Hannover Life Re of Australasia
In an earlier piece, we spoke with Amy Sworden, Head of Claims Operations at Hannover Life Re of Australasia (HLR Aus), on their collaboration with Fortiro to tackle fraud in Life Insurance. In the below video, Amy explains how the collaboration evolved and some of the results achieved throughout the journey. Amy Sworden: “My name…
Read MoreHannover Life Re of Australasia Tackles Insurance Fraud With Fortiro
Australia faces a significant challenge regarding insurance fraud. Insurance industry figures put the estimated range of fraudulent claims as up to 10% of total claims in Australia. Total Permanent Disability (TPD) and Income Protection insurance, which offer payouts to policyholders who are permanently disabled or unable to work, can be particularly susceptible to fraudulent…
Read MoreFortiro Secures FinTech Award for AI and Recognition for Innovation in LendingÂ
MELBOURNE, AUSTRALIA – 30 APRIL 2024 Fortiro, a leader in document fraud detection and financial verification, today announces it has been awarded the ‘Best Use of AI in FinTech’ at the 2024 FinTech Awards. Fortiro also emerged as a finalist in the ‘Best Innovation in Lending and Home Loans’ category. These accolades underscore Fortiro’s unwavering…
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