Be sure to watch the entire episode located below the show notes.
LexisNexis Risk Solutions Director of Business Risk Strategy Tom Hunt stopped by the show to share findings from the organization's Small and Midsize Business (SMB) Lending Fraud study.
Tom gave us a quick overview of the lending fraud study, as well as some results that consisted of:
More fraud prevention costs have involved labor compared to early 2020, as lending faced increased loan requests because of the Paycheck Protection Program.
Online and mobile channels continue to represent the largest share of lending origination transactions. Mobile channel fraud losses have increased 10% or more, particularly among fintechs and larger banks.
Lenders that layer more advanced identity authentication with advanced transaction/identity verification solutions experienced a lower rate of increased fraud overall and the pandemic had less of a fraud impact on these institutions.
73% respondents have seen some sort of fraud attack -- a 38% rise from last year
Tom talked about how these findings and more impact credit unions moving forward and how vital it is to stay on top of this never-ending issue.
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.