“First-party fraud will be responsible for an estimated US $18.5 billion in credit losses for Financial Institutions around the globe in 2012, this is expected to grow to US $28.6 billion by 2016.” AITE Report: First-Party Fraud: The Global Battle Against Diabolical Charge-Offs, October 2012. Application fraud is the deceptive practice of applying for products […]
In simple terms, Application fraud is the deceptive practice of applying for products or services with an intent to defraud the service provider. Application fraud is pulled off in many ways – using own identity but with subtle changes in personal details to circumvent normal personal rules checks; creating fake, synthetic or multiple identities that […]
Detecting and preventing application fraud requires more than just credit scorecards. The ability to process applications and make connections to previous fraud can go a long way to detect and prevent application fraud.
Most Communication Service Providers are horrified when they check to see how many expensive smartphones they have shipped through their subsidy programs have not been connected to their network. Is you Application Fraud controls strong enough?
Application fraud manifests in different ways but the overarching principle that applies to Application fraud is those customers who come in with an intent to defraud the organization – i.e. applying for products or services for which they have no intent to pay.
Application Fraud Management, as we see it, is a powerful way to stop fraud from occurring in the first place. Anecdotal evidence suggests that fraudsters take full advantage of vulnerabilities in the application process and come back aggressively to exploit the system. If anyone is interested in controlling fraud, controlling application fraud should be the first step.
This is how we would like to remember 2013: Vodafone Ireland and Vodafone Qatar are using our new ‘Orpheus – Subscription Fraud Management System’. Vodafone Ireland and Vodafone India SSC are using our new ‘Referrals – Application Fraud Management System’. Microsoft (Skype), Vodafone India, Vodafone Italy, MCEL Mozambique, MTS Russia and Dubai Telecoms are using […]
Application Fraud is on the rise says a report by a leading credit agency in the UK. Knowingly falsifying personal information to obtain products or services with no intent to pay seems like a natural choice for fraudsters – well, what are the odds of getting caught by filling an application online for a flashy new iPhone? If you get it, great; if you don’t, try again.
Imagine a visitor walking in, and instead of writing on a piece of paper, types into a computer terminal (a touch enabled tablet will do no harm). The system then prints a paper pass, sends an Email and SMS notification to the host, keeps a record of the building passes issued and monitors the check-in and check-out times of the visitors. The security manager can pull out reports at will. Wouldn’t this be cool?
I guess there could be no two answers to this. Good customer support matters. It matters because it could be the only thing that sets you apart from competition. It matters colossally if you are a small business trying to get a foot hold in this crowded market place. I am not an expert on […]