they do have scoring models - leveraging aml/ctf data from 3rd party providers - utilise sku level data - leverage fraud data from 3rd party providers (data on IP address, applicant profile) - and utilising internal performance data
so they're not mugs. they've recognised the credit risks and have devised a credit mitigation strategy which has delivered credit losses which are 5 times lower than credit cards.
look at the data... take a look at their losses.
APT Price at posting:
$67.77 Sentiment: Hold Disclosure: Held