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Account Takeover Fraud: What Online Lenders Should Know
Account takeover (ATO) is on the rise, in fact, in 2020, over 1 in 3 people (38%) in the US had been affected by account takeovers. This rising statistic could be bad news for lenders as it could mean account takeover fraud is also on the rise. While account takeover fraud isn’t new, its growing proportion of fraud losses indicates that lenders, and others, should take note and start devoting more resources to detecting and preventing it. What Is Account Takeover Fraud? Account takeover fraud is a form of identity fraud in which a fraudster uses an individual’s compromised account…
The Effect of Inflation on Small Businesses & Lending
Inflation is already having a profound impact on consumers and businesses alike. According to the Bureau of Labor Statistics, the personal consumption price index (CPI) —which the Federal Reserve views as the most accurate measure of inflation—climbed to 8.3% in the 12 months ending in August 2022. This represents the steepest 12 month increase since 1979. As if rising inflation in the U.S. didn’t create enough concern, the global forecast isn’t much better. According to Fitch Ratings, global inflation is back with a vengeance after being mostly absent for at least two decades. Additionally, rising oil and gas prices will…