With consumers continuing to take a digital-first approach to everything from shopping to dating and investing, fraudsters are finding new and innovative ways to commit fraud. 

Traditionally, when a person would walk into a bank branch to open an account, they would need multiple forms of identification. But online, customer onboarding has turned into a riskier process for banks and consumer fintechs, with fraudsters trying to take advantage of their systems.

Reducing the stress of fraud allows for a more streamlined application process, making it easier for consumers to get approved for a loan or bank account. This aspect also has implications for groups of consumers that previously had a hard time accessing credit or other types of financial products and services, as banks can verify the applicant in a way they weren’t able to before.

I talk about this today with my guests Kimberly Sutherland, vice president of fraud and identity strategy at LexisNexis Risk Solutions and John Buzzard, Lead Analyst, Fraud & Security at Javelin Strategy & Research.

Where Credit's Due Ep. 7: A digital economy carries the risk of fraud in financial services

Tearsheet is news, opinion, and analysis on the business of finance.

Candid conversations with senior executives, fintech entrepreneurs, investors, industry experts -- all weigh in on the trends impacting the industry and the disruptive impact technology is having on the business.

Where social media, technology and finance intersect.

Where Credit's Due Ep. 7: A digital economy carries the risk of fraud in financial services

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