September 15, 2021
The biggest problem in the world could have been solved when it was small ~ Bynner
Identity theft is running rampant; my husband was recently a victim when someone tried to take out a loan in his name. Thankfully, the lender turned the thief down and sent my husband a letter explaining the refusal. Good luck with that scam. It felt offensive on two levels: one with the sleazy thief, another with the clueless lender since my husband died five years ago.
T-Mobile just lost their breeches in a hack that compromised 50 million victims’ names, birthdates, social security numbers, and driver’s license information. Whoa, not good! Especially since most consumers offered T-Mobile their highly personal information for a credit check. T-Mobile has downplayed the seriousness of this breach, but this tends to make a company look sketchy in times of consumer need and of big corporation honesty.
It’s not a good look and it may come back to bite them worse that the actual breach itself. Transparency rules!
The T-Mobile hack exposed consumer details which can wind their way back to consumers’ online bank accounts, imperiling all kinds of financial data. Countless false accounts may be opened using the ill-gotten information, unless lenders do an in-depth analysis of consumers applying for loans. Relying on a one-dimensional credit score is not going to expose recent fraudulent accounts.
Shawn Princell, CEO of RIBBIT.ai, talks about his company’s disruptive technology that lenders have been using this past year to propel loan predictability to a new level and guard against fraudulent activity. Princell explains that RIBBIT.ai’s products change the way lenders evaluate consumers, using bank data to connect financial relationships and understand how consumers’ finances have changed over time. Unlike the static credit score, RIBBIT has breathed life into a consumer’s financial lifestyle, offering a more realistic, predictable, and dynamic profile of their ability to borrow and pay back loans.
Steven Thompson, RIBBIT.ai’s Chief Data Scientist says “Our products have been designed to identify fraud and affordability risks from bank account behavior. The advanced technology we pioneered relies on a process we call RevealedAffordability®. This transforms bank transactions and payment processing results into intelligence, including the intent behind the transaction, which more accurately assesses risk and payment outcomes. The depth of the insights, as an adjunct to the lender’s accumulated credit history, helps protect lenders from non-payment outcomes in their lending decisions.”
As the world of shared-data and information grows, so will the skills of the hackers. The T-Mobile hack is a reminder of the importance of smart, multi-dimensional technology that protects lenders and their valuable consumers from adverse loans based on inaccurate information.
Stay tuned . . .
The word remote is such a lonely word, bringing up images of an isolated cabin in the woods, hungry wolves prowling about, and potentially a shortage of food and supplies. Today’s remote office/branch office (ROBO) is often the polar opposite of the Hansel and Gretel version. ROBO is usually set up in the employee’s house often located in a separate town, state, or country from the company’s main office.
Never be afraid to fail. Failure is only a stepping stone to improvement ~ Tony Jaa
I remember my young daughter’s disheartening basketball coach yelling at the team “don’t shoot the ball unless you are going to make it.” Naturally, the team was afraid to shoot the ball so they never scored enough points to win. An enlightened coach would have said “shoot the ball until you make it.” Giving the girls permission to miss the basket without fear of blame would have released their potential. This same philosophy in the workplace is liberating: push yourself, learn from mistakes, and use your knowledge to improve. Slam dunk!
It’s great to be great, but it’s greater to be human ~ Will Rogers
One of my father and husband’s favorite TV characters was Andy Rooney, who appeared at the end of every 60 Minutes episode with a short critique on the condition of the world. Andy was the dessert at the end of the informative and serious news program, culminating with a rise of his bushy eyebrows, a twinkle in his eyes, and his witty, often acerbic insights about the way things were. And was often said, he could say so much with just a few words.