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The Hidden $50 Billion Threat: How Multi-Lender Fraud Is Evolving Globally
A silent crisis of “loan stacking” (simultaneous borrowing across multiple lenders) is driving systemic risk worldwide. While China’s experience offers critical lessons, this report adapts insights for North American audiences by: Section 1: Loan Stacking Exposed 1.1 The Mechanics Borrowers exploit three key gaps: 1.2 North American Impact Metric U.S. (2024) Canada (2024) Avg. Loss per Incident $287K $184K CAD Top Targeted Products Personal loans (62%) HELOCs (38%) Detection Lag 114 days 89 days Section 2: Five Modern Fraud Techniques 2.1 The Cross-Lender Carousel How it works: 2.2 Synthetic Identity 3.0 New Tactics: 2.3 Organized Fraud Rings Structure Comparison: China Model North American Adaptation Uses “credit mules” Recruits via dark web forums Focus: Business loans Targets subprime auto loans 2.4 Credit Bureau Gaming...
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