Findings from the 2018 LexisNexis® True Cost of FraudSM Online Lending
study show that fraud costs are increasing for large online lenders.
Fraud costs as a percentage of revenue have increased 34%
66% of online lenders use an automated flagging system
For international transactions, 49% rank identity verification as a top challenge
There are lessons here for all lenders. Ominous trends like increasing fraud, international threats and the need for rigorous protection are keeping lenders up at night.
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