NEW YORK--(BUSINESS WIRE)--LendIt USA 2017—Booth #443—ID Analytics LLC, a leader in consumer risk management, today announced that the company’s Online Lending Network has helped reduce fraud for members. The Online Lending Network is a consortium formed to enhance responsible lending, help protect consumers and businesses, and address credit and fraud risks. Early research shows that 1.5 percent of online loan applicants were seen applying at or seeking offers from other lenders within six hours of submitting their application, and this group was found to be twice as risky as the average online loan applicant
ID Analytics estimates that within a year of inception the Online Lending Network has achieved visibility into 75 percent of U.S. domestic marketplace lending activity, and continues to add new members including online, marketplace, specialty finance and social lenders. Since its initial rollout in October 2016, consortium membership has grown by 50 percent.
“An industry consortium, such as the Online Lending Network, is a very effective way to bring businesses together to fight fraud,” said Patrick Reemts, vice president, credit risk solutions, ID Analytics. “As we continue to grow the consortium, we expect it to only create more value for members by further reducing credit and fraud risk.”
About the Online Lending Network
The Online Lending Network is a near real-time repository for online loan activity. It leverages cross-industry data found in ID Analytics’ ID Network® to better assess a consumer’s current level of credit risk and detect fraudulent activity. Consortium members report when a consumer requests an offer for a loan product, submits a loan application, or when a loan is funded. In return, the member receives information on whether that consumer has either requested other loan offers or applied for loans elsewhere in the days, hours or minutes before. The near real-time nature of the response makes high-velocity fraud, like loan stacking, very difficult and can help protect authentic consumers from overextending their credit capacity.
Through the Online Lending Network lenders also have access to tools to evaluate credit risk and fraud risk, and detect potential identity theft, as online lenders are a target for fraudsters using stolen identities. For more information about the Online Lenders Network, please visit: www.idanalytics.com/media/OLN_About.pdf
ID Analytics at LendIt USA
Patrick Reemts, vice president of Credit Risk Solutions, ID Analytics will present “Combating Loan Stacking in Real Time” on Tuesday, March 7, 2017 from 11:30 – 11:55 AM as part of the Credit and Underwriting Track.
About ID Analytics LLC
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. please visit us at www.idanalytics.com.
ID Analytics and ID Network are registered trademarks of ID Analytics LLC all other trademarks and registered trademarks are the property of their respective holders.