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Application Fraud and Account Monitoring

A Holistic Approach to First Party Fraud
Preventing First Party Fraud - the attempt by an individual or group to establish facilities with a bank and acquire funds they do not intend to pay back.
Application Fraud and Account MonitoringBanks can significantly reduce their levels of bad debt and collections expenses by specifically targeting first party fraud. Advanced network analytics with real-time screening is the key to early detection and prevention of risk threats before they result in large losses.
 
Our paper, 'Application Fraud and Account Monitoring'discusses the challenges involved in combating first party fraud and established best practice to help prevent it.
 
 
 
These risk threats which can be detected using advanced network analytics include:
  • Credit risk
  • Fraud risk
 
The difference between credit risk and fraud risk is intent. Credit risk usually involves customers who received the goods or services with a genuine intent on repaying the debt but lack sufficient resources to meet their obligation. Fraud risk starts with the intent to receive the goods or services without the intent to repay on the debt.
 

You need a multi-layered approach

 
First party fraud is a growing and pervasive problem that is siphoning billions of dollars from financial institutions, insurance companies, and government agencies each year. The objective is to fraudulently access credit, and in order to combat this you need a multi-layered approach.
 
Our white paper, 'Application Fraud and Account Monitoring' will take you through such a multi-layered approach, including the steps and barriers to achieving success and outlining best practise needed for your organisation to combat first party fraud.