One recent lending fraud analysis estimated that one in 123 mortgage applications, or 0.81% of all applications, contained indications of fraud during Q2 2019, compared with one in 109, or 0.91% in Q2 2018.
PHANTOM AUTO LOANS HAUNTING YOU? MIGHT BE YOUR SOFTWARE
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 DOWN PAYMENT FRAUD DETECTION
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
AUTO DEALER LOAN FRAUD PREVENTION STARTS WITH AN LOS UPDATE
Fraud has many faces. Auto dealer loan fraud isn’t as frequent as income, employment, or identity fraud by individuals and fraud cartels. Still, an application from a less-than-honest dealer can show up in the underwriting queue anytime.
AUTO LOAN STRAW BUYERS AND OTHER FRAUDSTERS
The most painful way to learn about auto loan straw buyers is to become their fraud victim. According to PointPredictive, …
