How OmniaVerify Scan Helps Lenders Fight Fraud and Win
Unsecured lending is growing fast—but so is fraud. As lenders digitize to meet consumer demand, they face a rising wave of synthetic identities, AI-generated documents, and sophisticated scams that traditional verification methods can’t keep up with.
OmniaVerify Scan was purpose-built to solve this problem. Backed by advanced AI, real-world testing, and a projected ROI of up to 45x, it offers lenders a smarter, faster, and more effective way to protect their portfolios—and their bottom line.
The Fraud Problem: Getting Worse, Not Better
According to the Federal Reserve, U.S. consumer credit surpassed $5 trillion in 2024, with unsecured personal loans and lines of credit accounting for a growing share. Over 60% of those loans are originated through digital channels—where fraudsters thrive.
Here’s why that’s a problem:
- Fraud is widespread: Industry data shows an average fraud rate of 6.0% across unsecured loan applications.
- It hits lenders hard: With no collateral to reclaim, fraud-related charge-offs can represent 15% or more of total losses.
- Detection is delayed: Most fraud isn’t caught until weeks after disbursement—when it’s too late to recover funds.
- Fraud tactics are evolving fast: Generative AI allows criminals to produce convincing fake pay stubs, bank statements, and even government IDs in seconds.
Manual reviews can’t keep up. Outdated rule-based systems are easily bypassed. It’s time for a smarter line of defense.
OmniaVerify Scan: A New Standard for Fraud Detection
OmniaVerify Scan uses a layered AI system to screen loan applications and detect forged documents, manipulated data, and synthetic identities—before funds are disbursed. It operates behind the scenes in real time, flagging risky applications while letting genuine ones flow through without friction.
Key capabilities include:
- AI-generated document analysis
Detects altered or fake pay stubs, tax forms, bank statements, and utility bills. - ID verification with fraud pattern recognition
Identifies manipulated driver’s licenses and passports, including synthetic identity risks. - Intelligent parsing of submitted data
Extracts and analyzes data points from documentation to assist in decisioning. - Dynamic learning model
Continuously improves by learning from new fraud patterns in your ecosystem.
Real-World Results: What Lenders Can Expect
A pilot study with a U.S.-based lender processing 200,000 loans annually showed eye-opening results:
- 6.0% of applications flagged for fraud
- 6.6% of submitted documents were falsified
- 5.0% of IDs showed signs of manipulation or synthetic identity use
- $30M in potential fraud losses mitigated
- ROI up to 45x when factoring in fraud reduction, staffing efficiencies, and faster throughput
These numbers are more than theoretical. They come from real unsecured loan portfolios and demonstrate how OmniaVerify Scan improves not just fraud prevention, but also profitability and scalability.
Better for Borrowers, Too
While stopping fraud is the priority, OmniaVerify Scan also enhances the borrower experience:
- Faster decisions: High-confidence approvals are expedited without manual delays.
- Fewer errors: Clean documentation glides through the system without unnecessary flags.
- Smarter workflows: Human reviewers focus only on suspicious cases, reducing bottlenecks.
The result? Trustworthy borrowers enjoy smoother lending experiences—while fraudsters get caught early.
Why Fraud Detection Must Be Proactive, Not Reactive
According to the FTC and U.S. Treasury, synthetic identity fraud is rising sharply, driven by breached data on the dark web and cheap generative tools. In a 2024 survey, 75% of businesses said fraud is either rising or holding steady at concerning levels.
For lenders, this isn’t just an operational risk—it’s a business threat.
- Losses erode profit margins.
- Missed fraud invites regulatory scrutiny.
- Reputational damage deters new borrowers.
The Cost of Doing Nothing
Let’s run the math:
If your institution issues 200,000 unsecured loans a year, and 6.0% contain fraud, you’re potentially losing $30 million annually.
Even if you cut that rate in half, that’s $15 million in savings.
Now add:
- Reduced manual review labor
- Faster funding turnaround
- Fewer post-disbursement charge-offs
- Higher customer satisfaction
The ROI adds up fast—up to 45x, according to our study.
Try Our ROI Fraud Calculator to See How Much You Could Save
OmniaVerify ROI Fraud Calculator
Get Ahead of the Threat—Not Buried by It
Fraudsters aren’t waiting. They’re using AI. They’re getting more creative. And they’re targeting the digital channels that lenders have come to rely on.
OmniaVerify Scan gives you a defense that evolves as fast as fraud does. With AI-driven accuracy, seamless integration into your lending workflows, and a proven ability to cut costs and reduce losses, it’s not just a security tool—it’s a growth enabler.
Ready to protect your portfolio and your profits?
Schedule a demo with our team and see how OmniaVerify Scan can help your organization reduce risk, improve underwriting speed, and boost confidence in every lending decision.
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