According to Aite Group, “application fraud continues to be a significant problem for financial institutions across the U.S.” Undoubtedly, the continued prevalence of identity crimes is only exasperating the problem.
While regulatory scrutiny around serving the unbanked and underbanked population has grown, so has financial institutions’ (FI) desire to provide these consumers with meaningful financial services. The objectives of banks and
In recent years, application fraud has become a major problem for U.S. financial institutions (FIs). In 2017, Aite Group recognized application fraud as the second-greatest challenge FIs face in combatting fraud, trailing only