First-party fraud—in which a customer uses their own identity to apply for a loan that they have no intention of repaying—is one of the most confounding challenges facing financial institutions (FIs). How do you distinguish credit defaults due to first-party fraud from regular credit defaults when both populations look identical using standard credit risk and identity models? How can you tune your origination processes to reduce losses due to first-party fraud? How can you ensure that you aren’t wasting resources in customer management and collections supporting first-party fraud accounts already in your portfolio?
This webinar will provide an overview of the current state of first-party fraud in the financial industry and the approaches that leading FIs are taking to answering these critical questions.