March 2022
Beginner
394 pages
12h 39m
English
Content preview from Practical Fraud Prevention
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
Chapter 16. Credit and Lending Fraud
Pay me my money down, pay me or go to jail…
Bruce Springsteen1
Lending fraud attracts a slightly different category of fraudsters, compared to the previous genres discussed. The appeal of hard cash at the end of the operation speaks to a population that is less tech savvy than crypto fraudsters, while the relative simplicity means avoiding the logistical complexities connected to shipping scheme cons.
Moreover, the concept of loans will attract people who do not necessarily see themselves as criminals (some of them believe they’ll repay the loan, even if they take it under false pretenses). They will often see themselves as victims of the traditional banking system, and for some of them this will be the first and only fraudulent act they will ever perform. Unfortunately, that doesn’t make the loss to the bank or fintech any less real, the crime any more legitimate, or the fraudster in question easier to spot.
The MO we’re considering in this chapter is of a fraudster who applies for a loan without any intention of ever repaying it, and who does so repeatedly and systematically, through multiple identities. It is this kind of fraud that can result in dangerously mounting losses because, if not prevented, it is so repeatable.
Nonprofessional Fraudsters Engaging in Credit and Lending Fraud
There are cases in which individuals in desperate situations will use their own identities and legitimate information to rack up loans (the more, the merrier) ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.