Missy--I'm back! Hope all has been well with you.
Here are the questions, they cover ID Theft and new account/loan
applications (btw- have you seen the big FTC research that was
published last week?)
1. What is the split between loan applications in terms of channels,
i.e, what % of loan applications are conducted via mail, via phone,
via web and face to face?
2. What is the split between loan applications in terms of types of
loans, i.e., what % of loans are credit cards, what % are home
mortages, auto loans etc?
3. What is the correlation between the two?
4. ID Theft and loans/new account opening: what is the correlation
between the channel in which loans are applied for and ID Theft (e.g.
"ID Theft is a major problem in credit card applications, but not so
much for mortages"--would be the kind of info I'm looking for)
5. Likewise, what is the correlation btwn the channel through which
the loan was taken and ID Theft (e.g. "most of ID Theft occurs with
non face-to-face loans").
6. How is ID being verified for the various channels & types of loans
(e.g "a person who applies for mortgage must present his driver's
license, SSN etc. etc.")--in other words, what is the precise process
that a person is authenticated for each of the categories (credit card
application, car loan, mortgage, regular bank loan etc). |
Request for Question Clarification by
missy-ga
on
11 Sep 2003 09:54 PDT
Hi Bryan!
Welcome back! I'm well, thank you for asking! Since the last time I
worked for you, the Monsters have gone back to school, leaving me with
several hours of silence in which to work. I hope you're likewise
well!
Preliminary research indicates that some of what you're asking for may
not be publicly available information. I'll make an appointment to
speak with my banker, and get back to you after I've met with her, so
we can decide how to proceed from there.
Will that work?
--Missy
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Clarification of Question by
bryan_norton-ga
on
11 Sep 2003 10:22 PDT
That was quick...
Sure, Missy. The quality of the answer is important, and if take a
little longer so be it.
I'm really happy to have you working on this.
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Request for Question Clarification by
missy-ga
on
12 Sep 2003 10:28 PDT
Oh, wow! Thank you, Bryan, you're very kind!
My banker has agreed to meet with me on Monday morning to see if she
can help scare up some of these statistics. She warns that they may
not be available outside of the banking industry (in which case she
can't give them to me), or may be in special reports compiled for the
industry that tend to run in the hundreds or thousands of dollars.
In any case, I'll have more information for you on Monday.
--Missy
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Request for Question Clarification by
missy-ga
on
15 Sep 2003 10:35 PDT
Hi Bryan,
I'm afraid the outlook is rather grim. I spoke with branch managers
at both National City Bank and Toledo Area Community Credit Union this
morning. Brief answers to your questions:
1) This statistic is not tracked, to the best of either
representative's knowledge.
2) This statistic is proprietary industry information, not available
to the public.
3) N/A, as one statistic is not tracked.
4) and 5) Both representatives state that the potential for fraud is
a bit higher in mail, internet and telephone applications, and occurs
much more frequently for credit cards than other loans, but neither
had hard statistics to hand. This information is most likely
available here:
Loss Avoidance Reporting
http://www.aba.com/Surveys+and+Statistics/SS_Peergroup.htm#LA
...however, the data is only available to members of the American
Banking Association. Some dribs and drabs may be available elsewhere,
but I haven't come across them yet - they're probably buried in some
obscure article. I'll keep looking if you like.
6) For face to face applications, a picture ID and one other form of
identification is usually asked for. SSNs and Driver's License
numbers are run through several fraud prevention databases to check
for "red flags". For mail, telephone and internet applications, SSNs
are required and some institutions ask either for a driver's license
number or a notarized photocopy of the actual license to be faxed or
mailed in. Again, the numbers are run through several fraud
prevention databases.
Both representatives declined to give specifics of the procedures,
citing security concerns. This information might be available
elsewhere, but as with 4) and 5), I've not come across it yet. I can
continue to investigate if you desire.
I'm sorry the news wasn't better. I was hoping to be able to find all
of these statistics for you. Please let me know how you'd like to
proceed, or if there is anything else I can do for you.
--Missy
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Clarification of Question by
bryan_norton-ga
on
19 Sep 2003 09:50 PDT
Hi Missy - Yes, I would ask of you, if possible, to see whatever else
you can managed to dig up. Even if it takes a little longer.
Thanks,
Bryan
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