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LenderHub

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

 

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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Increase Borrower Satisfaction Through Payment Convenience

Imagine a world where ‘It got lost in the mail’ is no longer a viable excuse for late or missed payments. Not only is payment processing an essential operation for any business, it is also a point of contact that directly correlates with customer satisfaction. If there was a way to increase borrower satisfaction by tweaking your payments process to a more convenient model, would you buy in?

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How Payment Preference Should Dictate Payment Acceptance

Think back to a moment when you’ve left a restaurant, a hotel, maybe a store, and you witness a high-quality customer experience. It could’ve been a small detail or several small details, that when added up provided you, a very different experience. It’s these little experiences more and more retail shops are embracing to stand out from the crowd. The demand for high-quality experiences has spilled over into the financial services market in recent years, thanks to increased competition from traditional and non-traditional financial institutions. Now, more than ever, consumers have a wide range of banking options including loan payment options.

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How to Deploy an Omnichannel Payment Strategy

Being in the payment industry for well over two decades, now, more than ever, we are seeing consumer experience and the demand for self-service solutions causing significant growth in online and mobile payments. Particularly, in the last year, we’ve seen self-service channels are growing at about three times the rate of “agent-led” calls.

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Warning: ATM Global Cash-Out Scheme

This is an important alert to inform you about a scheme that could affect the payments industry.

"Unlimited Operation" Schemes Threaten Financial Institutions

Unspecified reporting obtained by the FBI indicates cyber criminals are planning to conduct a global automated teller machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an “unlimited operation.”

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Warn Your Customers About Romance Scams in Payments

This is an important notification to inform clients of a scam affecting the payments industry.

What is a romance scam?

A romance scam is perpetrated via the internet and predominantly targets older widowed or divorced women by exploiting their emotional vulnerabilities. This crime can be committed from anywhere in the world, making it difficult to catch the perpetrator.

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How EMV Technology Affects Financial Institutions

We hear a lot about EMV technology these days. In the U.S. alone, 13,000 U.S. financial institutions issue EMV-enabled cards and 450 million EMV cards were in use as of last year. EMV technology—which stands for Europay, Mastercard, Visa, the developers of the chip technology—was created to help reduce card fraud, which was a growing threat every year.

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