How MONEYME detected a $100,000 fraud attempt with Fortiro in just one week

MONEYME, an ASX-listed digital lender, is redefining access to credit with innovative car loans, personal loans and credit cards. Founded in 2013, MONEYME is growing quickly, expanding its loan book to $1.2 billion in FY24.

Autopay, MONEYME’s 60-minute automotive financing solution, has been a key driver of this growth. By leveraging automation and artificial intelligence, Autopay reduces the industry standard loan approval time from several days to minutes. As the company expands Autopay, it has prioritised enhancements to income verification processes to maintain speed while reducing fraud risks.

MONEYME recognises that rapid, automated loan approvals require robust safeguards to prevent potential fraud attempts, an industry-wide problem. To address this risk, they have focused on integrating strong fraud detection processes into their approval workflow while retaining a fast ‘time to yes’ from application start to loan approval.

The Challenge: Increasing Speed while Reducing Fraud

Financing relies upon accurate income verification, which can include various methods such as income documents, screen scraping and open banking. While these methods can provide accurate income verification, many customers feel more comfortable submitting documents like payslips, which can be challenging to process without introducing opportunities for document fraud.

MONEYME has sought to continue offering customers flexible income verification options while maintaining loan approvals in under 60 minutes. To achieve this, they needed a reliable solution to verify documents quickly and accurately without causing delays.

Autopay’s Operations Manager, Callan Manickum said, “Removing documents such as payslips as an income verification route would result in reduced loan volumes and we are committed to providing customers with choice. Payslips carry a higher fraud risk compared to bank statements, so there was a lot of internal pressure to move away from payslips. While you’re limiting risk, you’re capping your loan volume, which is not ideal, so we wanted to evaluate our options.”

MONEYME required a solution that could simultaneously address fraud detection and enable document-based income verification, enabling the company to offer customers a choice without compromising on speed or risk appetite

“We needed to be able to confidently verify that the people we are lending to aren’t engaging in fraud,” Manickum said. “So that if there was a situation where we did need to repossess a vehicle, we had greater confidence that we had done all the right things in the underwriting stages,” Manickum said.

The Solution: Fortiro Protect

To address this challenge, MONEYME implemented Fortiro Protect to scale its operations and mitigate document fraud.

Fortiro Protect completes over 100 fraud checks and integrates seamlessly into MONEYME’s workflow. Fortiro Protect delivers fraud detection results in under 30 seconds, which makes it well-suited to the lender’s 60-minute ‘time to yes’ goal. According to Manickum, “Fortiro gave us the confidence to continue offering payslips and other documents as a verification option while reducing the associated risk.”

Fortiro’s comprehensive, industry-leading fraud detection features, including the ability to pinpoint and reverse changes to show the original document, are particularly valuable to MONEYME’s Credit Team Leader, Tom Tredinnick.

To read more of this article, please visit: https://fortiro.com/blog/moneyme-detected-a-100000-fraud-attempt-with-fortiro