loan servicing software community bank small business

INTEGRATED BANKING FRAUD DETECTION SOFTWARE

The defi Team defi INSIGHT, Fraud

With seismic enhancements in fraud detection software, banks can now catch fraudsters quicker while improving the flow of non-fraud borrowers. We’ve detailed the reasons why financial institutions should upgrade, along with eight fraud detection software must-haves for your organization.

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ACCOUNT TAKEOVER FRAUD PREVENTION FOR LENDERS

The defi Team defi INSIGHT, Fraud

In an account takeover, an individual or well-organized cartel obtains access to a consumer’s account, changes login credentials or personal data, then makes unauthorized transactions using that account. Unauthorized purchases, transfers of funds, and cancellation of payments can quickly lead to financial ruin for the consumer and reputational damage for the business that failed to prevent it.

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HOW LENDERS CAN PREVENT LOAN STACKING

The defi Team defi INSIGHT, Fraud

Loan applications are often sent to multiple lenders simultaneously. The action is called loan stacking, and it can help address a legitimate need for quick funding, or to perpetrate a scam that brings quick funding with no intent of complete repayment.

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PHANTOM AUTO LOANS HAUNTING YOU? MIGHT BE YOUR SOFTWARE

The defi Team defi INSIGHT, Fraud

Phantom auto loans are a sophisticated scheme to defraud banks, credit unions, and fincos. No car is ever sold. Often, no actual dealership is involved. Fraudsters have cooperated to fabricate seemingly legitimate auto loans that have already robbed lenders of many millions of dollars.

loan servicing software community bank small business

LOAN DOWN PAYMENT FRAUD DETECTION

The defi Team defi INSIGHT, Fraud

Down Payment Fraud Detection Key Points:

1) Loan fraud is on the rise with false identities as a leading scheme
2) Substantial down payments help disguise a fraudulent loan application
3) Lenders need to employ fraud analytics to identify and decline fraudulent loan applications