Auto Finance News Highlights Synthetic Fraud Concern

Auto Finance News published an article today highlighting the growing issue of synthetic fraud in auto lending especially at credit unions.

They referenced SentiLink’s white paper, Synthetic Fraud and Credit Unions, as well as our Treatments Strategy for Synthetic Fraud webinar hosted this week. Panelists included experts from Navy Federal, Austin Capital Bank, PenFed, as well as our Co-founder and COO, Maxwell Blumenfeld.

As Erik Beguin, CEO of Austin Capital Bank, said during our webinar,

“With COVID, there’s a lot of institutions that got into the digitization of their products. And, it might be a lot like learning how to swim in a pool of sharks. They’re getting into onboarding products in new digital channels at the exact time when fraudsters are picking up the pace and becoming more sophisticated.”