How Two Online Lenders are Combating Fraud

Attacks on online lenders have started to increase according to data from LexisNexis Risk Solutions; some fintech companies such as Elevate Funding and Credibly have began to implement new security measures in order to combat the fraudsters, using technology to detect fake photos, deepfake videos and images which have incorrect information tied to them; lenders like Elevate Funding are using a service called Truepic for their merchant advances which instructs a potential borrower to take pictures around the business; from there Truepic analyzes the pictures for potential fraud; before technologies such as Truepic, companies like Elevate Funding and Credibly relied on physical site visits which resulted in a less than ideal customer experience and increased costs. American Banker