XTN has been mentioned in the AITE Group’s report Managing Lending Fraud: Digital Identity and Machine Learning Are Table Stakes
With 39 billion data records breached since 2013, organized crime rings have plenty of fodder in the form of stolen and synthetic identities. The attacks are highly industrialized, using both automation and click farms, and in consumer lending all the chips are often riding on the decision the lender makes at the point of application. With unsecured loans in particular, once the loan has been funded, there is little recourse for a lender if it has made the wrong decision and sent the money to a fraudster.
This Impact Report discusses consumer lenders’ current and planned fraud mitigation and identity verification capabilities, budgets, and investment plans. It is based on an Aite Group survey of executives at 22 depository and nondepository institutions headquartered in North America in Q4 2020 and Q1 2021. It is also informed by Aite Group’s survey of 46 North American fraud executives at its third annual Financial Crime Forum in September 2020.
AITE lists XTN Cognitive Security® as a Behavioral Biometrics Vendor.