Fintech Analyst Report - Issue 251

Javelin: Identity fraud losses rise 79%
Research from Javelin finds there was a sharp rise in identity fraud in 2021, with losses rising to $24 billion (USD) – a 79% increase over 2020. Losses will continue to rise unless all parties ensure a sustained focus on safeguarding consumer information.

IDC: Has digital lending increased fraud activity?
Financial institutions and fintechs must be alert to the various fraud methods and schemes that disrupt digital lending as well as technology solutions that can help protect against fraudsters.

Mercator Advisory Group: The cost of B2B payments fraud
Recent research shows there was a 10% increase in B2B payments fraud during the pandemic. The responsibility lies with fintechs and FIs to identify new forms of fraud and how best to tackle the problem.

Chartis: Solutions for trade-based anti-money laundering
Chartis takes a detailed look at trade-based anti-money laundering solutions in this vendor analysis summary.

Aite-Novarica: Digital tools can accelerate onboarding process by up to 79%
With many US consumers moving towards digital channels, leading firms recognize they need to simplify and accelerate the customer onboarding process to make applications easier and capture market share.

Javelin: Covid makes online account opening the default
80% of successful checking account openings have in some way interacted with online or mobile banking in the last year. This is a significant increase from figures of the last five years, indicating the pandemic has led to a one-way behaviour shift.

Gartner: A new approach to credit risk management
Credit risk models are fundamentally changing and providers are adopting more holistic criteria to assess clients beyond financial factors.

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