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DataVerify Launches New Anti-Fraud Components Exposing Latest Mortgage Fraud Schemes
CHESTERFIELD, Mo., Oct. 19 -- DataVerify has announced
several enhancements to its DRIVE(TM) system, the most powerful fraud
prevention platform in the mortgage industry. During the first nine months
of 2006, Undisclosed Properties, Income/Employment, Occupancy and Falsified
Rent and Mortgage Verifications have emerged as the dominant fraud schemes
comprising over 85% of primary fraud causes. DRIVE, the most proficient
fraud identification platform, has been upgraded to include eight new
report enhancements designed specifically against these emerging fraud
schemes including income verification with salary information from
PayScale. Also, during the last 30 days, DataVerify released its
best-in-class Broker License Verification Database, a new foreclosure
prediction model and added two new AVMs to its native AVM cascade, which
are all included in the DRIVE platform.
"The recent addition of over ten new fraud identification reports,
sourced from the best in class historical databases, demonstrates
DataVerify's ongoing ability to deliver superior advanced technology
solutions that provide clients with the broadest and deepest fraud
protection available," said Steve Halper, CEO. "New and innovative fraud
schemes are driving repurchase activity and credit losses to record levels
forcing many mortgage lenders out of the business. Outperforming other
fraud systems by margins of 20% to 30% or more, DRIVE empowers clients to
lend aggressively, even in high risk products and markets, while reducing
fraud and credit risk by substantial margins."
Over seventy percent of DataVerify's clients have converted from other
fraud systems. We encourage all current users of alternative fraud systems
and those considering the use of fraud detection tools to discover what
these satisfied customers have learned by testing these systems against the
DRIVE platform. Mr. Halper will be giving a presentation at the MBA's 93rd
Annual Convention in Chicago entitled, "The Impact of Fraud On Your
Mortgage Operation," in which he will present the most effective test plan
scenarios.
About DataVerify
DataVerify Corporation is the premier provider of fraud prevention and
decision management solutions for the mortgage industry. For more
information about DataVerify, please call 866-895-3282 or access the
company's web site at http://www.dataverify.com.
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