Fraud is rising with the increased reliance on alternative payment methods, and AI could stop it. FIs have difficulties in adopting the tech.
SoFi said it missed their internal 4th quarter earnings projections due to lower than expected loan performance, increased hiring costs and expenses related to management changes according to the WSJ; the company also said they expect the loan performance trend to continue into 2018 as the look to refine their credit model; the company is also looking to improve fraud prevention, automate loan processing and get better at collections. Source.
American Banker discusses the evolution of online lending fraud and the industry's vulnerabilities; the combination of synthetic identities and multiple loan inquiries known as loan stacking have increasingly become a threat in the industry; while a number of new systems have been implemented to mitigate fraud the nature of the business makes it more susceptible with fraud prevention solutions becoming more prevalent. Source
Insights have found the switch to more digital transaction since the start of the COVID-19 pandemic show that individual and organizational risk is even greater now.
In episode 365 we talk with Mike Tuchen, CEO of Onfido, as he discusses identity verification and how financial institutions are balancing the need for ease of use and fraud prevention.
The UK’s Financial Conduct Authority has issued new guidance to payment providers and e-money companies on safeguarding customers’ funds; the...
Experian's fraud prevention data network, in existence since 1991, will be available for use in North America later this year.
In an era where digital fraud is on the rise, trust becomes the cornerstone of customer relationships. Learn how to enhance customer experience without sacrificing security in this new white paper.
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