Fraud. It’s a term that is often identified by the abuse types or tactics used by perpetrators – account takeover, payment fraud, malicious content, synthetic ID. This terminology has contributed to the belief that fraud activity is siloed.
However, fraudsters don’t rely on single activities or single types of abuse. Today’s fraud network comprises various, interconnected relationships of different abuse tactics.
In today’s digital-centric world, fraudsters are leveraging vast amounts of digital content for the purpose of false information, financial fraud and phishing attacks.
Using different web forums, marketplaces and social media channels across the internet, fraudsters create spam and scam attacks to trick consumers into sharing sensitive information that is later sold or used to steal rewards, store credit or even cash and identities.
Seeing Fraud From Holistic Viewpoint
Whether it’s ransomware, loan stacking, loan fraud, payment fraud or something else, fraudsters don’t take a singular approach to attacking businesses.
Therefore, there’s no such thing as a single fraud solution. Addressing the various forms of fraud requires auto lenders and dealers to leverage the right tools at each stage of the customer journey.
Intercepting fraud requires a multidimensional approach. Using multiple fraud point solutions is overly complex and difficult to manage. Lenders and dealers today are leveraging…