Financial fraud in 2017 presents itself in many forms, from synthetic identify theft to kickbacks and skimming. As America settles in with a new year and a new presidential administration, lenders are still looking for answers to loan stacking – a popular type of fraud that doubled in frequency
Before lenders can reduce loan underwriting costs and approve more loans, they must first be able to authenticate eligible applicants and flush out the abusers. The fight against loan stacking is a tall task, given today’s environment of online lending, competitive pressure, and quick turnarounds. Fortunately, it’s a goal
What is loan stacking? How does a lender identify it? How can a lender stop loan stacking?
The basic definition of loan stacking is when a consumer takes out one or more unsecured loans or cash advances on top of loans of a similar type that already exist. Clearly, this
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