VFM Services, the desktop counter fraud services provider, has announced the launch of training courses aimed at lenders and intermediaries to counter mortgage fraud.
Sally Griffiths, Director VFM Services, explains: “Fraud cost the mortgage industry £1bn in 2012 alone. It is sadly all too easy for someone to fake or manipulate their personal details and fraudulently secure a mortgage offer. The good news is that our award winning counter fraud training will equip lenders and brokers with proven skills and techniques to put a stop to fraud.”
The training offered includes two courses – the ACFTech (Accredited Counter Fraud Technician) and Conversation Management, a counter fraud technique which uses a mixture of cognitive interviewing, communication and other specialist questioning skills to identify fraud. The ACFTech course, accredited by the University of Portsmouth and the Counter Fraud Professional Accreditation Board, covers Conversation Management as well as other established desktop investigation skills to help build up a thorough file of documentary evidence to support successful convictions of mortgage fraud.
The courses are tailored to individual learning needs, but the conversation management course is typically an intensive three day course whereas the ACFTech course lasts six days followed by an examination. Attendees who successfully pass the ACFTech course are awarded a professional ACFTech qualification from the University of Portsmouth.
Sally Griffiths continues: “As well as being a major and growing issue for lenders, being at the frontline lenders also rely on brokers to pick up on fraud at the point of application and failing to stop fraud can put brokers’ reputations at risk. Whilst being the first to quote is a key concern for brokers, this will prove a false economy in the long run if sufficient checks at the application stage aren’t made. Prevention is better than cure and brokers and lenders must work together to stamp out fraud. Lenders are increasingly asking their brokers to take up counter fraud measures.”
VFM Services was amongst the first desk-top based counter fraud detection and prevention specialists in the UK. Its management team pioneered the innovative conversation management technique that is now widely used to cost effectively detect fraudulent insurance claims and other applications over the phone. In the insurance industry the award winning technique has a proven ROI of at least 200%.