First Party Fraud - trends, challenges and outlook
Tags: Decision Analytics, Fraud Prevention
Businesses have many opportunities to uncover bottom-line savings with a focus on applying analytics and decisioning strategies at key process points to detect first-party fraud and minimize losses..
Focus is increasing on detection and management of first party fraud, fraud perpetrated when consumers apply for credit without intending to fulfill their payment obligations. Although first-party fraud rates have stayed fairly level over the past few years, the problem is still significant. This emphasis is driving the need for more standard operational definitions across the industry to improve detection efforts.