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Protecting Homeowners: Navigating Fraud in the Digital Age

  • 4 min read
  • Sharon Blanchette, Vice President of Fraud and Financial Crime
In the digital landscape today, homeowners often find themselves navigating a maze of information and potential hazards. While fraud is never a fun topic, my team and I are working hard to minimize its occurrence. We’re on the offense and taking proactive measures on behalf of Cenlar’s clients and their homeowners.

A Team Dedicated to Fraud Prevention

My team has years of experience in risk management and fraud detection. Together, we’ve equipped our contact center to address fraud effectively.

One of the biggest challenges homeowners face across the entire financial services sector is the rise of identity theft associated with the technologies intended to make our lives more convenient. As stewards of homeowner’s most sensitive financial information, we take pride in identifying unusual or suspicious behavior and acting swiftly on their behalf. 

Another issue specifically at the forefront of the mortgage servicing industry is the rise of fraudulent companies that promise assistance with processes like loss mitigation. These companies often charge homeowners advanced fees without providing any service, creating unnecessary delays and frustrations. By educating our contact center representatives about these scams, we empower them to spot potential fraud cases quickly, allowing us to work directly with homeowners to help save their homes.

How We Identify Fraud

My team’s approach to fraud detection is two-fold: First, we have automated systems that monitor transactions and generate alerts when suspicious activity is detected. These alerts, combined with referrals from various departments, help us maintain vigilance over our homeowners’ accounts. Second, employees who interact with homeowners know to involve us when they have concerns, via a referral to our department. We triage these alerts and investigate cases, ensuring that we take appropriate action to safeguard homeowners’ interests.

Empowering Homeowners with Knowledge

We believe that informed homeowners are the best defense against fraud. Here are a few essential homeowner safety tips that we’re sharing on our homeowner website and through social media:
 
  1. Monitor Your Accounts: Regularly check your bank and mortgage statements for any unauthorized transactions.
  2. Keep Your Contact Information Current: Having verified methods to contact you can avoid delays in preventing and remediating fraud. 
  3. Register for Online Portals: Sign up for online mortgage account access. A registered account is harder for fraudsters to compromise.
  4. Beware of Unsolicited Messages: Don’t respond to unexpected emails or texts asking for personal information. Always verify the source.  
  5. Educate Yourself: Stay informed about common scams and how to recognize them.
Continuous Improvement

My team is dedicated not only to working to prevent fraud but also to improve our operations. Every attempted fraud case provides valuable insights into our processes, helping us refine our approach and better serve our homeowners. My team consists of 20 skilled professionals, many of whom hold specialized certifications. We’re well-equipped to tackle the challenges that arise in fraud prevention.

Looking Ahead

As we move into the future, we remain focused on evolving our practices and strengthening our defenses. By fostering collaboration between departments and leveraging data analytics, we aim to enhance our response to fraud and protect our clients. By combining expertise, education and technology, we’re committed to safeguarding homeowners and providing them with support. Stay safe, stay informed, and let’s work together to keep your home financing secure!
 

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