Fraud:

Lenders across financial services continue to manage the impact of the COVID-19 pandemic on their portfolios, including the upward migration of consumer credit scores. At the same time, a hidden population of sophisticated fraudsters — using tools like synthetic identities — have planted themselves within lender portfolios, waiting for the optimal time to bust out, creating losses for credit unions and other lenders. These fraudsters are also hiding alongside increasing delinquencies that have largely returned to pre-pandemic levels, so without the right tools, lenders stand to misclassify losses as bad loans, not fraud loans.
 
In this session, TransUnion will explore how hidden fraud risks are exposing the industry to potentially considerable losses, and how those losses can be prevented. Key questions we’ll answer include:

• How interconnected is fraud risk and credit risk?
• What type of fraudulent behavior is leading to bust-outs?
• What predictive behaviors are indicative of future first-party fraud losses?
• How can credit unions leverage credit and non-credit data to identify potential fraud losses before they hit?