Yorkshire BS selects Q-Guard to enhance anti-fraud programme
Quest, a leading software provider in the property valuation, mortgage fraud prevention and energy efficiency, has announced that Yorkshire Building Society has selected its Q-Guard fraud detection and prevention suite as part of its ongoing risk management strategy. The building society has integrated Q-Guard into its fraud prevention programme to add a new layer of risk analysis at the point of valuation.
Yorkshire Building Society, which is one of the largest building societies in the UK with over 2.8 million members and assets of over £30 billion, has selected Q-Guard to provide a bespoke layer of security that integrates with the organisation’s existing mortgage processing and enables the lender to select the risk alert type that Q-Guard analyses for them, depending on their specific needs.
Q-Guard applies intelligent pattern-matching techniques and data analysis to assist in alerting Yorkshire Building Society to potential areas of risk and reports any potential areas of concern or suspicious characteristics to the risk team for closer inspection.
Richard Wells, General Manager for Risk at Yorkshire Building Society said, “We share the FSA’s view that Financial Crime management is a priority for the industry to protect the interests of customers and financial institutions. We will always invest in the best tools and people available to ensure that we discharge those responsibilities. I see working with Q-Guard as a major step on the evolutionary journey of closing down opportunities for those that would cause losses for the industry and which, if not addressed through adoption of such tools, could impact pricing and service.”
James Sherwood-Rogers, Managing Director of Quest said, “Mortgage fraud continues to be a major issue for financial institutions and so we are pleased to be supporting Yorkshire Building Society with its risk management programme. The automated nature of the Q-Guard suite enables our clients to identify a broad range of risks, from over-valuations to covert buy-to-lets. With Yorkshire Building Society now on board, we are proud to confirm that Q-Guard is today supporting the UK’s top three building societies with their anti-fraud strategies.”
Quest’s Q-Guard was the winner of the ‘Best Anti-Fraud Measure’ award at the 2010 Mortgage Finance Gazette ceremony.
For further information on Q-Guard or to arrange a demonstration, visit questuk.com.