According to the FDIC, the Federal Reserve, and Moody's, as of 2022, first-party fraud-related credit default losses cost institutions upwards of $32 billion.
First-party fraud can be difficult for financial institutions to detect because it occurs when an individual takes out credit or loans using their own identity but have no intention of paying back the debt.
Download this case study to learn about the advanced fraud and risk management processes that lenders must have in place, to help detect first-party fraudsters, so they can stop fraud ahead of time, without inadvertently rejecting good customers.
