Credit Washing: A New Fraud Vector – Webinar Replay

Recently, GDS Link sponsored a webinar, with one of our preferred partners, Sentilink, to discuss a new trend in lending fraud: Credit Washing.

The rise in digital lending during the COVID economic crisis has prompted an increase in synthetic fraud and credit washing, a trend that can lead to higher loan losses for lenders. Credit washing is the practice of fraudulently deleting a tradeline from a credit report by someone falsely claiming to be an id theft victim. It’s done by consumers who want to get out of their financial obligations or fraudsters with synthetic identities who want to remove a charged-off tradeline from their credit report.

As of late, fraud prevention teams across the globe have been strategizing how best to protect their organizations against credit washing, and GDS Link and SentiLink were able to gather this panel of experts to explain how financial institutions are impacted by credit washing and share ideas on ways to minimize your risk from credit washing.

Our expert panel included:
– Jon Barhorst Chief Risk Officer at LendingUSA
– Mike Carr, Sr. Director Fraud and Security at Ally Financial
– Zahid Kassem, Principal of Kassem Consulting
– Maxwell Blumenfeld, Co-founder and COO of SentiLink


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