Paycheck Protection Program (PPP) loans presented trouble for FinTech lenders, a University of Texas study released Tuesday showed. The study, which examined more than 10 million loans for potential red flags, showed 9 out of 10 of the highest rates of suspicious loans being approved by FinTechs. To some extent, this dubious distinction makes some sense; more than 70% of all … [Read more...] about FinTechs Led in PPP Fraud, UT Study Shows
fraud
Addressing the Challenges of Synthetic Identity Fraud
The Federal Reserve recently released a white paper sharing insights on combating the risk of synthetic identity fraud. As we noted in an earlier article on the subject, this type of fraud is particularly difficult for traditional detection methods to flag, and it represents the fastest-growing type of financial crime in the United States. It’s a problem uniquely built for … [Read more...] about Addressing the Challenges of Synthetic Identity Fraud
FinTech Offers New Tools in Fighting Fraud
Cybercrime continues to become more sophisticated and more prevalent as ecommerce accelerates. Synthetic identities are being used to open accounts, and account takeovers can be automated by networks of bots. Fraud targeting businesses will likely only continue to expand as the post-Covid world turns increasingly to online business, and staying on top of those attacks will … [Read more...] about FinTech Offers New Tools in Fighting Fraud
Credit-Card Fraud Detection: Customer Experience Rules
Excellent customer experience requires better credit-card fraud-detection tools for international and domestic travel bookings Of the many areas in financial services that could benefit from machine learning, credit-card fraud detection must be high on the list. Last year, card fraud reached $9.37 billion in the United States (36% of the global total) and is expected to … [Read more...] about Credit-Card Fraud Detection: Customer Experience Rules