[mca2150]

That's not why the fraud occurs. If the Driver's License or SSN being provided don't match the background report that's usually enough to pause or kill the file. The issue is the Driver's License and SSN match the background report, but the person you're speaking to is not that person. The only way to minimize fraud is to ensure the merchant is calling from the same last known telephone number on the background report and that the caller's voice sounds like the gender and age of the person that is applying. The problem with THAT is that a lot of brokers will get frustrated at you killing a file for the person calling from the wrong number or the voice sounding off. A lot of brokers think that is an insignificant reason to kill a file, even though it's one of the only ways for funders to minimize the chances they are speaking to a fraudster.

There is much more effective identity verification out there used in MCA and many other businesses. Identity verification shouldn't rely on asking questions or verifying forwarded documents. It's easy to catch this type of fraud with the right technology.

[NotALoan]

There is much more effective identity verification out there used in MCA and many other businesses. Identity verification shouldn't rely on asking questions or verifying forwarded documents. It's easy to catch this type of fraud with the right technology.

What is this technology you know of that tells you the identity of the person you are speaking with over the phone sight unseen?

[goldenhippo80]

What is this technology you know of that tells you the identity of the person you are speaking with over the phone sight unseen?

There are links that can be sent to the phone number and a selfie has to be taken, (you have to smile to make sure it's not just a picture as well). I'm pretty sure plaid does this if not plenty of other companies. When you complete Crypto KYC, they typically do this sort of verification.

[NotALoan]

There are links that can be sent to the phone number and a selfie has to be taken, (you have to smile to make sure it's not just a picture as well). I'm pretty sure plaid does this if not plenty of other companies. When you complete Crypto KYC, they typically do this sort of verification.

What if the person is using a landline and not a cell phone?

[goldenhippo80]

What if the person is using a landline and not a cell phone?

Maybe they should be required to use a cell phone to verify who they are. 97% of adults aged 18–49 own a smartphone and 76% of adults aged 65 and older own one.

[NotALoan]

Maybe they should be required to use a cell phone to verify who they are. 97% of adults aged 18–49 own a smartphone and 76% of adults aged 65 and older own one.

Yeah, I'm sure that explanation will go over REALLY well with the broker whose file I am killing because the guy doesn't own a cell phone