ID Analytics introduced the Online Lending Network in October 2016 with the goal of providing greater resources to lenders for mitigating fraud; Online Lending Network members access internetwork supplied data and information from ID Analytics for greater detection of fraudulent loan applications and loan stacking; ID Analytics reports that the network has achieved visibility into 75% of US domestic marketplace lending activity since inception with membership increasing by 50% since its launch. Source
A new association has been formed in the marketplace lending industry with a focus on fraud prevention; the Online Lending Network was launched this week at Money 20/20 and will work with ID Analytics on loan tracking and fraud risk solutions; Lend Academy provides more details in their article; focus is on technology from ID Analytics that helps to prevent loan stacking and predict a borrower's intentions. Source
ID Analytics identifies the need for a specific type of fraud prevention that focuses on short term application velocity or loan stacking; ID Analytics has been very involved in loan stacking prevention, promoting a consortium approach and helping to establish the Online Lending Network which is an association focused on identifying loan stacking fraud through real time information sharing; members of the Online Lending Network can receive real time information on a borrower allowing them to identify up to the minute application activity that can be used in credit underwriting; ID Analytics is committed to the Online Lending Network and expects to see continued growth in its coverage and membership. Sponsored Blog Post
There have been several groups formed in the online lending industry but the latest one doesn’t focus on a voice...