Welcome to your weekly Ocrolus Update – 8/25/19! Here’s a curated list of industry news, recommended reads, fundraising announcements, and some laughs. Please drop us a line if you have any tips or content that you want to see in…
In 2015, a TransUnion study of lenders in the FinTech industry found that loan stacking represented $39 million of $497 million in charge-offs. At the same time, the number of borrowers engaged in loan stacking doubled between 2013 and 2015. …
Investor Insights is an Ocrolus guest blog series featuring prominent voices from the investment community. The series highlights industry trends, funding culture, and observations about the fintech space. Today’s author, Amias Gerety, is a Partner at QED Investors. QED…
Ocrolus CEO Sam Bobley recently sat down to discuss our Series B funding round with Dan Petrozzo, Venture Partner at Oak HC/FT. Among our investors, Oak HC/FT led the Series B fundraising round for Ocrolus. Dan recently joined our company’s…
Over the last half decade, rates of account takeover have multiplied significantly. According to a pymnts.com report, account takeovers jumped 300% in 2017, and have been rising ever since. The trend was particularly pronounced in the lending space. Lenders lost $4 billion…
Robotic process automation (RPA) is automating work tasks in many sectors, and providing businesses with significant ROI and cost savings. Pricewaterhouse Coopers predicts that RPA could save businesses up to $2 trillion in workforce costs in the coming years. The word…
Many online lenders ask borrowers to upload bank statements, pay stubs, tax forms, and other financials to assess creditworthiness. While the broad majority of borrowers who submit financials are legitimate applicants, some do submit documents that are altered or…
Identity fraud is a pervasive and rapidly growing form of online lending fraud. Lenders lost over $6 billion from synthetic identity fraud alone in 2016. As data breaches of personal information continue to rise, the problem is only expected to grow. In 2018,…
On September 23, 1999, one of the greatest human errors in modern history made headlines across the world. The Mars Climate Orbiter was spinning in orbit around the red planet, beginning its mission to collect data on Earth’s closest…
The below blog post first appeared on LendIt.com. According to a study by Experian, 63% of businesses experienced the same or more fraud losses in 2018, with a plurality of 33% experiencing higher losses. In online lending, the trend was particularly…