Answer:
Loan fraud requires very little effort and a big reward for criminals. Often the perpetrator will make a few loan payments to evade criminal prosecution. With financial institutions taking loan applications online it means very little risk to a fraudster. If your institution discovers problems with the application, the criminal just drops out of sight. You have never seen them and don’t even know if they reside in the United States.
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Learn more about Barry Thompson and Robert Hyde’s webinar
Loan Fraud: Detection and Prevention
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