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
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
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
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
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
Doing business in Canada? Some Rules You Must Know

Doing business in Canada? Some Rules You Must Know

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), recently updated the Anti-Money Laundering regulation applicable to Financial Entities (FE's) that need to validate customers in Canada. Below is a breakdown of the changes to existing regulation for Identity Verification and for politically exposed person (PEP) screening.


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Topics:  Compliance
Bitcoin Crime & Punishment- How (Not) to Go to Jail

Bitcoin Crime & Punishment- How (Not) to Go to Jail

We recently saw two instances where individuals involved with Bitcoin were sentenced to prison for failing to comply with U.S. Anti-Money Laundering (AML) regulations.


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Topics:  Anti-Money Laundering, Virtual Currency
Online Lenders -  An Emerging Target for Fraud

Online Lenders -  An Emerging Target for Fraud

The online lending industry has seen impressive growth over the last eight years, and estimates predict the industry will continue to have a significant impact over the next ten years. 

However, the high value of online loans, combined with the difficulty of verifying online applicants is making online lenders a prime target for fraud- to an extent that fraud accounted for over 12% of losses in P2P online lending in 2014.


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Topics:  Fraud Prevention, Online Lending