Quicken Loans' new commercial "Push button get mortgage." has cyber security experts concerned. The risk with providing instant access to credit is not just about identifying borrowers with bad credit histories, but It’s also about stopping fraudulent borrowers.
New account creation and payments represents a very high percentage of transactions for this channel compared to the traditional banking segment. Since these events represent significant financial benefit, this segment is continuing to experience a very high volume of attacks. • The overall attack levels grew compared to the previous quarter driven by an increase in new loan applications ahead of the holiday shopping. And also this bit about mobile-facilitated access to financial services: Identity is a far more lucrative target for fraudsters than individual transaction attacks; this can be seen in the growth of account origination fraud. In this climate, static identity assessment methods cannot effectively authenticate user identity. • Businesses are no longer location-centric; they are operating globally, fuelled by the demand of connected consumers.