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Samples in periodicals archive:
The survey also found that 79 percent of financial institutions consider first party fraud a significant issue and a leading cause of losses on demand deposit accounts (checking, savings, etc.
Nick Mothershaw, UK&I director of Identity & Fraud at Experian said: "About 70 per cent of financial services application fraud in the UK fraud is down to first parties misrepresenting their circumstances, and the products such as mortgages and insurance that have seen fraud soar over the last year have a significant first party fraud element to them.
The group said so-called first party fraud - under which people try to hide an adverse credit history or lie about their employment status to try to secure credit or other financial products that would not otherwise be available to them - overtook third party fraud during the second quarter of the year.