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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

4 Fraud Trends Impacting Consumers and Financial Institutions in 2020

As the industry and consumers are adjusting to a new normal after the global spread of COVID-19, fraudsters are changing their schemes to prey on the heightened anxieties that people are experiencing during these uncertain times. In this blog post, we'll be revisiting four fraud trends that are impacting consumers and financial institutions.

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Accelerating the Pace of Self-Serve Payment Adoption

Self-serve payment technology was developed and continues to evolve as a way to bring convenience and efficiency to consumers, businesses, and financial institutions. From a business standpoint, giving consumers and account holders a way to seamlessly make their loan payments, transfer funds across accounts, pay bills, and send money from peer to peer provides value and can create operational efficiencies.

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How to Keep Pace with Advances in FinTech

When it comes to technology, one thing's for sure: it's constantly changing and evolving. Financial technology, or FinTech, is no exception. And while it can be tiring to keep up—let alone stay ahead—in the industry, financial institutions must do so, since falling behind quickly allows competitors to gain ground.

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Propelling Payments into the Future

Since March, social distancing practices enacted to help slow spread of the coronavirus have plunged us all into a “new normal” of staying at home, self-servicing, shopping online, and curb-side grocery pickup. While there are still many uncertainties about the long-term impact of the coronavirus on our lives and economy, one thing that’s certain is that the world is going to be different on the other side.

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Innovative Borrower Communication Strategies

In the past decade, the digital transformation has reshaped how credit unions are expected to interact and communicate with their borrowers. This is due in large part to advances in Fintech and evolving consumer expectations. As your member base shifts to a larger number of millennials and their younger Gen Z counterparts, traditional forms of communication will likely fall on deaf ears.

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Preventing Online Account Origination Fraud

As consumer demand for more online banking services grows, fraudsters are finding more and more ways to exploit these services. While not a new scheme, online account origination fraud has grown in part because of the prevalence and ease of use of online banking services, and in part because of the number and scope of data breaches allowing bad actors access to a large amount of consumer data.

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Creating Frictionless Payments Solutions

In the past decade, financial institutions have had to adapt to growing consumer expectations for interactions that are fast, easy, and secure—in other words, frictionless. Frictionless payment solutions make it easier for consumers to complete transactions in whichever way they find most convenient. This in turn creates a ripple effect of reducing queue sizes and wait times for non-transactional customers, allowing employees to be more attentive and provide better service to their members.

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Social Distancing and the Need for Self-Serve Banking

Every American citizen, along with the rest of the world, has been impacted by COVID-19, better known as the coronavirus disease. In these uncertain times, businesses are moving to work-from-home operations, events have been postponed or canceled, and school districts across the country have closed their doors.

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Transaction Laundering in the Payments Landscape

These days, criminals have turned to internet-based transaction laundering to disguise profits from unscrupulous and illegal enterprises. Transaction laundering has also been referred to as factoring, undisclosed aggregation, and electronic money laundering, and it occurs when an undisclosed online business uses another company’s payment credentials to process unknown transactions on behalf of the undisclosed business.

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Preventing Carding in a Cashless Age

There’s no shortage of scams affecting consumers and financial institutions alike when it comes to credit card fraud. According to the Federal Trade Commission, scammers ripped off Americans to the tune of $423 million last year through wire transfer fraud. Surprisingly, younger people, ages 20-29, reported losing money to fraud at an alarmingly higher rate than their 70-80+ counterparts—43% compared to 15%, respectively.

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