In recent years, my role at LoanLogics has expanded into responding to vendor due diligence inquiries for new and existing clients. While traditionally it has been larger banks that require an in-depth assessment, I’ve noticed an increasing amount of small to mid-sized financial institutions who too are asking the hard-hitting questions around information security (infosec). And, they have every reason…
Yesterday, I discussed the impact of today’s “purchase market” on fraud. Today, I want to explore the impact of digital. Because… It’s a digital world. A few months ago, we learned that one of the nation’s three credit repositories, Equifax, had been hacked. This hack provided the cyber thieves with valuable personal information on about 145 million consumers. The thieves…
With just about everything today going digital, is it time for consumers to carry a digital identity? A standardized digital identity is an electronically verified set of attributes that uniquely describe a person. Those pushing it say it can improve, simplify, and accelerate identity-dependent transactions, including, but not limited to, buying or renting a home. Are we ready for such…
A few months ago, we learned the one of the nation’s three credit repositories, Equifax, had been hacked. This provided the cyber thieves with valuable personal information on about 145 million consumers. Now, we learn more. According to report from Senator Elizabeth Warren, (D/MA) the thieves not only accessed the personal data of these consumers in Equifax’s database, they actually…
Fraud has always been a problem for mortgage lenders. But, now it’s starting to really get interesting and expensive. In the past, instances of fraud mainly centered around the consumer trying to get away with providing misrepresented information to get approved for their loan. Some instances dealt with unscrupulous parties creating bogus loans based on fictitious information to reap some…
Another data breach, another opportunity for identity thieves, more challenges for lenders. Where does it end? Just like the major personal information hacks at Equifax, add Alteryx of Irvine CA to the list of companies with a data breach. A leader in self-service data analytics, Alteryx’s breach exposed sensitive information on more than 100 million consumer households. Again, that’s more…
