Personal loan provider NerdWallet has found $7 million in unauthorized personal loan fraud.
The firm says it discovered a $5 million fraudulent loan originator account with no authorization on the company’s system and no records of any personal loan transactions on its website.
It says it has since removed all of the fraudulent loans and flagged them to law enforcement.
The report notes that the lender is an affiliate of NerdWallet.
The firm is not the actual borrower, but is a partner.
NerdWallet has reached out to NerdWallet’s general counsel for comment.