Fraud Fighters SEON Predict a Dark Day for Personal Loan Providers This Black Friday

  • Lending , Personal Finance
  • 23.11.2021 04:00 pm

Online fraud fighters, SEON, is predicting that this year’s Black Friday will be a dark day for personal loan providers. According to the company’s internal data, this week’s shopping bonanza is likely to generate a 150% increase in attempted loan fraud, as cash strapped consumers try to illegally gather funds to secure bargain deals. 

It’s part of an alarming online fraud trend, which is being driven by cheap virtual phone numbers, custom domain names and email accounts. Fraudsters are utilizing these services to set up fake online profiles that are then used to apply for real cash. Sadly, this fraudulent process has never been easier, quicker or more affordable to pull off. 

The hyper-growth startup is also predicting that online lending sites will see a 300% surge in the use of suspicious emails ahead of Black Friday. This increase highlights the nature of many modern fraud schemes, which enable crooks to remain one step removed from online merchants and take advantage of distinct weaknesses in the application processes of BNPL and pay-day loan providers.

Lending companies could be about to suffer greatly in the lead up to Christmas. Unfortunately, huge discounts across the aforementioned methods of fraud have given criminals the upper hand this festive season. By raising industry awareness on this important topic, SEON hopes to help quell the issue before its full effects are felt.

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