NEEDHAM, Mass. - (08/10/04) -- Financial institutions have improvedconsiderably in their ability to detect "real" credit risk, but newresearch from TowerGroup finds that risk managers often overlookthe potential for fraud in areas other than card portfolios. "Asthe frequency and types of consumer loan fraud continue to evolve,we are seeing the emergence of fraud in secured portfolios such ashome loans," said Christine Pratt, senior analyst in the ConsumerLending & Bank Cards practice at TowerGroup and author of theresearch. Pratt noted that a particularly disturbing trend is therise in real estate loans initiated by thieves using stolenidentities. "The dollar damages possible for institutions targetedby thieves for mortgage or home equity loans against property theydon't own is staggering," said TowerGroup.
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