First party fraud
Research suggests that between ten and twenty per cent of what is thought to be unsecured bad debt in leading US and European banks is misclassified and is actually first-party fraud. First-party fraud occurs when customers apply for credit cards, loans, overdrafts or other un-secured banking credit lines with no intention of repaying them.
The Detica NetReveal® enterprise fraud risk management platform combats first-party fraud by linking all data at a network level (rather than an individual customer level) to provide a complete, holistic view of your customers, and their relationships and activities.
The solution provides automated and prioritised risk scoring,which allows investigation teams to make informed risk-based decisions at every stage of the customer lifecycle. Detica NetReveal® can deliver the following benefits:
- a return on investment greater than 30:1;
- reduced false positive rates, enabling hit rates in excess of 50 per cent;
- a single view of the customer (Know Your Customer);
- effective detection and reaction to new modus operandi.
To learn more download the whitepaper on First-party fraud in retail banking from the knowledge centre