Online Lending Network to reduce fraud

ID Analytics hopes its new Online Lending Network will reduce fraud committed against participating members.

The Online Lending Network was formed to encourage responsible lending, protect consumers and businesses, and address credit and fraud risks.

Within a year of its inception, ID Analytics believes the Online Lending Network has gained visibility into 75 per cent of the U.S. domestic marketplace lending activity.

And the more the merrier, ID Analytics VP of credit solutions Patrick Reemts said.

“An industry consortium, such as the Online Lending Network, is a very effective way to bring businesses together to fight fraud. As we continue to grow the consortium, we expect it to only create more value for members by further reducing credit and fraud risk.”

The Online Lending Network is a near real-time online loan activity repository which uses cross-industry data from the ID Analytics ID Network to assess consumer credit risk and detect fraudulent activity. Members report loan applications and fund provisions and receive information on the applicant’s recent financial activity. The quick response makes high velocity fraud activities like loan stacking hard to accomplish.