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Should Lending Businesses Still Worry About Identity Theft in 2022?

Should Lending Businesses Still Worry About Identity Theft in 2022?

Identity theft continues to be a major problem for individuals of all ages in 2022. In fact, more than 15 million Americans will likely be affected by this serious issue this year alone. Certainly, the technologies that we all use each day have become more secure. Updates and patches are released regularly to bolster that security and to reduce the likelihood of identity theft. However, criminals continue to evolve their efforts as well. As a result, they remain a threat despite the best efforts to thwart their malicious endeavors.

Each year, more than a million cases of child identity theft are reported. In some cases, individuals do not learn that they have been a victim of child identity theft until they apply for credit in early adulthood. Across all age groups, identity theft costs Americans more than $56 billion in various forms of damages. These losses come from direct identity theft as well as a range of scams and cons. In addition to the financial loss, identity theft can cause extreme emotional stress. It can prevent applicants from being approved for loans and credit, and it can have other far-reaching implications.

As a lending company, you are required to take all reasonable steps to safeguard the privacy of all of your clients. At the same time, you must complete due diligence to identify fraudulent activities among your clients. With the ever-evolving tactics used by today’s criminals, it can be difficult to stay on top of the latest information in this area. Thankfully, you and your team do not need to do all of the hard work yourselves.

Private Eyes is your complete solution for background checks in the lending industry. We maintain secure processes that protect your clients while also working efficiently to deliver the results you need. To learn more about our lending solutions, contact Private Eyes today.

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