Tag: Consumer lending
Fraud Detection and Prevention
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…
