A recent American Banker article highlighted the fraud problem in the online lending industry. Below, Clarity shares its experience with this threat and discusses some of the ways lenders can fight back.
Online lenders offer convenience, speed and ease of use, which attracts consumers in need of a quick loan during a moment of necessity. To make consumers happy, online lenders streamline their processes. Unfortunately, the seamless process of securing a loan also attracts cybercriminals.
Typically, a cybercriminal is sophisticated. Personally identifiable information (PII) is cheaper than ever before, and easy to extort from an [...]