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.
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