As lenders race to make mobile applications easy to use for the next generation of borrowers, they are increasing their risks of fraud losses in new ways, and facing costs that are difficult to predict.
Trying to put a number on the cost of fraud and get a better handle on the most effective means of thwarting fraud is the purpose of LexisNexis Risk Solutions' annual "True Cost of Fraud Study." This year the company surveyed 168 risk and fraud executives in lending institutions, and divided the group by size and extent of digital transactions.
Overall, for a $100 loan that is fraudulent, it costs the lender $282 in lost principal, interest, fees and collection costs.
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