Experian insight into the changing face of fraud
We all know that fraud is on the increase, but how is it evolving? Experian has identified five trends in fraud attempts against UK lenders and their customers, will these represent a threat to your business this year?
Fraud is a major cause of revenue loss for many organisations in the financial services, retail banking and telecommunications sectors. In the current climate, with revenues under pressure, tackling it effectively and efficiently is is a real priority for for organizations across the globe.
This latest Insight report focuses on the changing face of fraud in the UK. Combining findings from Experian's latest Fraud Index and victims of fraud survey with in-depth insight from our fraud experts, the report identifies five key trends which we believe will increasingly define the fraud landscape in 2010.
Whilst this is a UK report we believe many of these trends will prevail in Asia particularly in the more mature markets. Download the report now to get the latest insights.
1… First-party fraud levels will rise Fuelled by financial stress from challenging economic times, more consumers are manipulating their own details to obtain financial services
2… Mortgages become a focus for application fraud With the collapse of the sub-prime lending market, mortgage fraud rates in the mainstream mortgage market will rise in 2010
3… Insurers will see an increase in claims fraud Consumers increasingly claim to gain goods they can no longer afford to replace
4… Organised criminals move from targeting the wealthy to the masses Fraudsters are casting their nets far and wide across the population to maximise their gain
5… Insider fraud expected to surge From organised criminals through to an individual lying on a CV, insider fraud is expected to surge