The rise in mortgage-related fraud over the past three years was largely due to a surge in online and mobile-only mortgage transactions. The pandemic and growing mobile channel fueled the number of fraud cases with application fraud being a key entrant point for fraudsters, a new report analyzing fraud trends suggests.
Fraud costs largely came from consumers seeking to buy a new home through online and mobile transactions, according to LexisNexis Risk Solutions. Firms with 50% or more retail transactions could have a higher cost of fraud and larger volume of average monthly attacks, according to the firm’s True Cost of details ⇒
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