FICO research has found that macroeconomic factors can significantly impact fraud trends, and with inflation and fears of a recession looming, banks are facing new threats from fraudsters whose methods are becoming significantly more sophisticated. One of the areas most impacted is first-party fraud, where fraudsters have become experts at exploiting banks.
This white paper:
- Quantifies first-party fraud vs. identity fraud and strategies to tell one from the other
- Shares real-life examples of how thieves perpetrate application fraud
- Describes wow quickly thieves identify – and exploit – the banks that have the weakest defenses
- Discusses The role of automation and continuous analysis in combatting identify fraud