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Summer Tips for Improved Fraud Detection & Prevention from Your Loan Software

Have a safe and happy holiday week! Hopefully, you’ve already started your brief, yet likely well-deserved, time away from the office and will read this when you return. But for the others like me still putting in hours until tomorrow’s national holiday, now’s an excellent time to focus on a topic many of us highly prioritize – security. While safety and security this weekend will deal more with properly handling fireworks or ensuring everyone follows the recommended precautions if you’re out on the water, it also makes sense to focus on how your loan origination system should help your financial institution effectively mitigate exposure to fraud.
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Fraud Detection & Prevention 101: How to Protect Your Credit Decisioning

Security remains one of the most important topics for consumers as businesses continue to evolve in the digital age. As data breaches appear to become more commonplace, financial institutions everywhere are ratcheting up their security efforts to identify, assess and prevent fraud.  As someone who’s had his identity stolen a few years ago, I experienced the feeling of pure panic that crashes over you when realizing credit was fraudulently established in your name and you’re left to pick up the pieces. Despite the fact that most sophisticated thieves seem to always be one step ahead, it’s a battle that needs to be fought by every financial institution to maintain a level of trust with its customers or members. There are a number of different types of credit fraud. With a focus on origination of a loan, this blog post will describe the two most prevalent versions with regards to credit decisioning.
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