Case Study: Halo Corporate Finance
How Halo protects and grows its loan book using Fraud Finder.
We’re trusted by the world's leading companies
minutes saved per financial application processed.
Over £150k saved from just 3 cases exampled below.
accuracy across Halo's core documents.
Fraud Finder has quickly become an essential part of our fundamental checks at Halo. The ability to quickly verify fraud within our bank statements has significantly benefited our turnaround time and allowed us to support our own initial checks with data backed findings. This allows our team to safeguard our business by identifying fraud at the first point.
Protecting Halo's loan book and its broker network
Fraud Finder helps Halo quickly and seamlessly authenticate genuine financial documents as a first line of protection against business loan and asset finance fraud.
Halo Corporate Finance provides asset finance & banking facilities to all types of businesses from startups to established corporations, including private and public limited companies, sole traders, partnerships and private individuals.
Unlike many other finance providers, they act as a principal lender and broker. Their core values are openness and integrity and they pride themselves on; being able to provide immediate cash flow; a 95% approval rate; a quick 24-hour turnaround service and competitive interest rates. Halo won CBILS Broker of the Year in 2021 and has been shortlisted for several awards since.
Veriff released a study showing that last year, there was a 31% increase in document fraud globally. LexisNexis reported that £1 in fraud loss can cost financial providers up to £4 in recovery & investigation.
Halo are a lender and a broker, and as such, they are financially culpable for any money lost as a result of fraudulent applications. Even though Halo's team has excellent intuition when it comes to manually scanning financial documents for errors, document fraudsters' tactics for committing first-party fraud have become increasingly technologically advanced, leading to the need for more automated and advanced protocols.
Halo Corporate Finance utilise the Fraud Finder UI portal to provide instant and accurate decision reports on every finance application they receive. Fraud Finder uses over 300+ fraud signals, as well as a large adaptive database of genuine institution document types to provide a risk analysis for each document collected. When clarification is required beyond the point of automation (for example, when a bank issues a new bank statement template), Halo is supported with an expert-level, human-in-the-loop operational review acting as a second opinion.
We’ve identified 6% of all PDF documents submitted to Halo for financial applications to be high-risk documents. Here, we show examples of three cases that Fraud Finder correctly identified as fraudulent. The total loan value of these three cases, which would not have been identified without Fraud Finder, is £125,000. The total value protected in catching these three fraudulent applications alone is over 20x ROI for Fraud Finder alone.
Example 1: Fake font found on a Revolut Business Account.
Fraud Finder has detected a suspicious font on a statement we know was edited three months after it was created. The font, highlighted in green, is incredibly similar to the font we expect to see from Revolut, but does not match 100%. We can clearly see in the opening balance, money in, money out, and statement date lines of text where fraudulent editing has taken place. The value of this loan was £50,000. The fraud was picked up after three seconds of inspection.
The 2nd example brings us a fraudulent RBS statement. A file that was edited 10 days after it was originally downloaded from the RBS portal, you can see every single entry in the paid in, withdrawn and balance columns have been manipulated.
In some cases, Fraud Finder can restore deleted text, and here, blue represents original data removed and orange represents secondary, possibly false, data overlaid. As this functionality acts as a wayback machine, restoring previous versions of the file, these types of edits cannot be detected by the human eye, making the outcome even more valuable.
Zoom in for a better look!
This loan application was valued at £25,000.
The third example is a cashplus bank statement. Not only has the machine learning algorithm that powers Fraud Finder learnt the templates and statement characteristics of the UK CMA 9 and High Street banks, but also the challenger and digital banks which are rising in popularity.
This document was edited using a piece of software commonly used by criminals. We can also see in the font analysis, that the font highlighted in yellow, does not usually appear in cashplus statements. We can see edited data in the transaction descriptions, the amount and balance columns, as well as the final closing balance. This loan application again, was valued at £50,000.
Manual reviews of financial documents is no longer good enough. Common fraudsters as well as fraud rings are now using technology to access large sums of cash from alternative lenders and brokers. They are sharing information. They are targeting companies with more relaxed financial crime protocols.
Any finance company can trial Fraud Finder for free and start protecting their loans with automation just as Halo Corporate Finance have. Either click here to book a demo, or email harry.foster@homeppl.com.
Whether you offer mortgages, business financing, asset finance or consumer loans, with Fraud Finder you can prevent the risk of lending fraud.
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Fraud and risk in business loans
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