New BDLA tool aims to reduce fraud in specialist finance market

Teaming up with fraud prevention specialist Synectics Solutions, the association can now offer its specialist finance lender members access to a level of fraud prevention insight traditionally reserved for only the largest financial institutions.

Built around secure, real-time intelligence sharing, the bespoke solution will enable BDLA members to collaborate more effectively in detecting and preventing fraud earlier in the application lifecycle.

The offering, which will be rolled out to BDLA members over the coming months, will operate in full compliance with GDPR and UK data protection standards.

This is in addition to the BDLA’s existing suite of due diligence tools that are available to members.

“Fraud remains one of the most significant challenges facing the bridging and development lending sector,” said Vic Jannels, CEO at the BDLA (pictured above).

“As the market grows in both volume and complexity, so too does the risk posed by increasingly sophisticated fraudulent activity.

“At the BDLA, we’ve made it a priority to help lenders stay one step ahead of the fraudsters, and our collaboration with Synectics Solutions represents a significant stride forward in tackling this issue head-on.

“This joint initiative will be instrumental in protecting lenders, while supporting the continued integrity and growth of our market.”

Maxwell Hughes, BDM at Synectics Solutions, added: “We’re proud to work with the BDLA to bring this tailored fraud prevention tool to the specialist finance space.

“Lenders operating in the bridging and development market face unique risks given the speed of transactions, and our technology is designed to provide actionable insights that make a real difference.

“By making shared intelligence more accessible, we can collectively reduce exposure to fraud and strengthen trust across the sector.

“Collaboration like this gives us greater power to spot, identify and prevent fraud and financial crime.”