The acceleration to digital platforms created a perfect storm of new opportunities for fraudsters. Synthetic identity fraud, stimulus-related fraud, and other types of cybercrime have seen huge upticks within the past year and a half. In fact, the Federal Trade Commission revealed that consumers reported over 360,000 complaints, resulting in more than $545 million in COVID-19-related fraud losses as of September 2021. To protect both themselves and consumers, businesses — especially lenders — will have to find and incorporate new strategies to identify customers, deter fraudsters and mitigate cybercrime.

Join our industry experts to get the latest credit trends on originations, delinquencies and average balances and listen in for the latest data on economic drivers and the current outlook as of August 2021.

Access our webinar on-demand and watch Experian and Nova Credit experts break down the importance of diversity, equity and inclusion initiatives to advance financial inclusion. Our experts will share real takeaway strategies and capabilities designed for fintechs and other financial institutions to leverage for lending deeper and expanding customer universe.

Small businesses increased hiring for the holidays funded by credit while servicing their outstanding debts. The moderately delinquent balances for small businesses declined to 1.21 percent in the fourth quarter from 1.60 percent at the same time last year. Taxes are a rising issue for small businesses, but increasing concerns here did not dampen borrowing or hiring in the fourth quarter. The availability of credit has cushioned the blow of the pandemic for now and a third stimulus will help insulate small businesses from altered consumer spending patterns.