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Vergent Launches OmniaVerify to Help Lenders Combat Fraud in Digital Loan Applications
Vergent OmniaSuite now includes OmniaVerify, a cutting-edge solution for AI-based fraud detection in digital lending. This tool for checking documents helps lenders find fake files, keep their portfolios safe, and safely use modern digital lending methods.
As part of Vergent’s expanding OmniaSuite, which supports origination, servicing, communication, payments, fraud prevention, and collections, OmniaVerify enables lenders to adopt modern digital strategies without exposing themselves to rising fraud risk. According to the Federal Trade Commission, more than 60% of personal loan originations occur through digital channels, creating new vulnerabilities for tech-savvy bad actors. Industry research has identified suspected fraud in 6% of unsecured loan applications. The most common tactic involves digitally generated or manipulated documents, often enhanced by generative AI. In fact, 5% of all identification documents, including driver’s licenses and passports, were found to be digitally altered or associated with synthetic identities.
As part of Vergent OmniaSuite, OmniaVerify uses automation to quickly and accurately find fake identities and documents that have been changed digitally.
OmniaVerify insulates lenders from these threats by automatically detecting digitally manipulated documents. With charge-offs accounting for as much as 15% of total losses in unsecured lending portfolios, OmniaVerify can deliver an estimated 11x return on investment for lenders issuing at least $200,000 in loans annually.
“OmniaVerify represents the latest way in which we are providing value to our customers,” said Scott Putnam, CEO of Vergent LMS. “We want lenders to be fearless when they commit to improving their lending technology, yet the increase in fraud represents a major barrier for many lenders who need to catch up to the competition. OmniaVerify protects lenders so they can confidently employ the latest lending technology.”
With Vergent OmniaSuite, lenders gain confidence in digital transformation when they use smart tools like OmniaVerify to stop fraud and protect revenue.
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