Mortgage Fraud Attacks And Costs Rose During The Pandemic
Mortgage lending is a hot target for fraudsters in the U.S., and the situation has grown worse since the pandemic began, according to a new report from LexisNexis. The LexisNexis True Cost of Fraud Study: Financial Services and Lending examines fraud trends in North American financial services and lending sectors. The 2021 edition is based on responses from August and September 2021. The report revealed that U.S. banks and mortgage lenders saw an increase in fraud costs and attack volumes compared to before the pandemic. Every $1 of fraud loss now costs financial service firms $4, compared to $3.25 in 2019 and $3.64 in 2020. For mortgage lenders, fraud costs $4.40 for every $1, 23.5% higher than before the pandemic…