When the Consumer Financial Protection Bureau audits or reviews a payday or short term lending firm, they will look for a variety of risk factors associated with fraudulent or unethical lending. In the ever-changing world of online short term lending, it is important for companies to know what the Consumer Financial Protection Bureau will look for ...
[More]
Skip tracing may sound like a spy technique out of a James Bond movie, but it actually has several practical daily applications for business. Anyone from lawyers to debt collectors, investigators to educational institutions may employ skip tracing to zero in on an individual's current whereabouts or track someone's activities. Lawyers s...
[More]
ACH fraud is not an issue which affects consumers and businesses alone – there is also originating depository financial institutions (ODFI) fraud risk. Anyone who has completed a transaction via phone or internet to pay for goods or services is familiar with ACH Debits and what they entail. From the Receiver’s end, the risk is min...
[More]
When it comes to building or rebuilding one's credit, a low or nonexistent FICO score has often proved to be an extremely large obstacle when applying for any type of credit lines at all. However, many smaller, non-traditional lenders are offering hope for those who need a short-term loan. Alternative risk models -- based largely on alg...
[More]
If you run a business that processes electronic payments, one of your biggest concerns is the threat of fraud. Because of the “blind” nature of Internet transactions, any online payment is potentially a Customer Not Present situation, and you have no way to know whether the customer has authorized the transaction or not. In these situat...
[More]