Small and Mid-sized Business Lending Fraud Study


2019 LexisNexis Risk Solutions Small and Mid-sized Lending Fraud Study Results

LexisNexis® Risk Solutions sought primary market research with lenders to understand small and mid-sized business (SMB) lending fraud. The intent was to generate insights to create an industry benchmark and help lenders stem SMB lending fraud by identifying and deploying best practices.

Specific objectives included to understand:

  • The volume of SMB lending fraud;
  • How SMB lending fraud is identified and tracked;
  • Priorities, internal activities, tools, and levels of investment for curbing SMB lending fraud;
  • The types of SMB lending fraud experienced; and
  • Any differences in the above by size or type of organization.

Respondents included credit unions, small and large banks, digital lenders and payment processors.

Three key findings emerged:

  • Fraud types that occur most frequently include legitimate or bogus businesses with fake or stolen identities;
  • Small banks, credit unions and digital lenders are hit harder by SMB lending fraud;
  • Organizations that reported that they are more effective at identifying SMB lending fraud actually are.

Watch the webinar to get all of the details and learn what processes and tools lenders are putting in place to reduce SMB lending fraud.

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