How to Prevent Loan Application Fraud

How to Prevent Loan Application Fraud

Regulations, compliance and overall risk management place a significant operational burden on financial services.

Online lenders are no different. You have to comply with multiple regulatory requirements, and you are- like any other financial service- very susceptible to fraud.


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Topics:  Online Lending
Announcing the KYC Compliance Fundamentals Guide with Analysis of OFAC Sanctions

Announcing the KYC Compliance Fundamentals Guide with Analysis of OFAC Sanctions

We recently organized a webinar with a panel of industry experts regarding Know Your Customer techniques. You can access the recording of the webinar here. Our panel covered KYC best practices, strategies, and procedures. The panelists shared their experiences dealing with KYC, and answered a variety of questions from the audience.

In case you missed it, we've compiled 22 of the most important takeaways gathered during the webinar, and developed the “KYC Compliance Fundamentals Guide” that you can use to verify the quality and strength of your KYC processes and procedures.


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Topics:  Know Your Customer, Anti-Money Laundering, Compliance
Integrated Document Verification for Customer On-boarding

Integrated Document Verification for Customer On-boarding

The ability to add new customers online while protecting your business from fraud and meeting regulatory requirements is both a necessity and a competitive advantage to any company providing financial services. Traditional financial institutions, remitters, and FinTech companies on-board clients online; especially considering that globalization allows all companies to expand their client base, foregoing the geographical and brick and mortar boundaries that once upon a time constrained your business from growing. Document verification is fundamental to address the identity verification requirements to serve millennials, foreign nationals, foreigners, etc.


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Topics:  Know Your Customer, Fraud Prevention, RegTech, ID Verification, Document Verification
How not to onboard fraudulent customers - Minimizing onboarding risks with KYC and Fraud Prevention

How not to onboard fraudulent customers - Minimizing onboarding risks with KYC and Fraud Prevention

You can have an amazing product or service, but without customers your offering won’t survive. In order to have access to your offering, new customers must be onboarded.


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Topics:  Know Your Customer, Fraud Prevention, Onboarding, Risk Management
Case Management and the SAR Filing Process

Case Management and the SAR Filing Process

Case Management and SAR (Suspicious Activity Report) filing go hand-in-hand, with an effective case management program significantly bolstering the quality of SAR filing and recordkeeping capabilities. So, what should you look for in a case management and SAR filing programs?


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Topics:  Compliance, SAR Filing
Transaction Monitoring: Manual Processes Do Not Scale – Key Takeaways

Transaction Monitoring: Manual Processes Do Not Scale – Key Takeaways

As online transactions have skyrocketed, so have online fraud and money-laundering. The United Nations Office on Drugs and Crime (UNODC) estimates that criminal proceeds from fraud amounted to 3.6% of global GDP, or 1.6 trillion USD. In general, criminals look to:


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Topics:  Transaction Monitoring
Avoiding Identity Fraud Rings – Part I: Financial Impact & Modus Operandi

Avoiding Identity Fraud Rings – Part I: Financial Impact & Modus Operandi


Introduction

Identity fraudsters usually work in groups. Called “fraud rings”, these groups operate very similarly, differing slightly depending on their particular fraud activity.


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Topics:  Fraud Prevention, Identity Fraud
Snowden & KYC

Snowden & KYC

We recently returned from the K(NO)W Identity Conference hosted by One World Identity, the first major conference focused on digital identities. For years identities have been taken for granted, while most business leaders didn’t realize that they sit at the center of every business transaction in the digital era. Our friends from One World Identity not only recognize this, they also understand that education and collaboration are  necessary to unlock the value of digital identities for businesses, regardless of the industry.


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Topics:  Know Your Customer, Anti-Money Laundering, Compliance, Fraud Prevention, Trusted Digital Identities (TDI™), KYC
Sanctions Screening - Reduce False Positives

Sanctions Screening - Reduce False Positives

Sanctions Screening review of a flagged individual or company isn't hard, but it does take time, on average more than 19 minutes per flag. That’s not a lot of time, but when Financial Institutions (FIs) have thousands of flagged applications to review every day, it becomes a fulltime job for a team of people. The operational burden of clearing a large number of flagged applications impacts your profit margins by potentially reducing the number of customers accepted, and by increasing the cost of compliance operations, including regulatory fines.


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Topics:  FinTech, Sanctions Screening
IdentityMind’s New Platform Version makes RegTech and Machine Learning Accessible to All

IdentityMind’s New Platform Version makes RegTech and Machine Learning Accessible to All

For the past year, it’s been nearly impossible to read a fraud prevention or compliance article without “RegTech” and/or “Machine Learning” in it. In this article, we are going to talk about both; specifically, how the new version of IdentityMind’s platform helps deliver on the RegTech and machine learning promise.


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Topics:  Fraud Prevention, FinTech, RegTech, eDNA, Risk Management, Machine Learning