First-party fraud–accessing credit services with no intention of repayment–is a significant concern for credit unions and other financial institutions. And its prevention calls for a new strategy, according to Costa Mesa, Calif.-based credit reporting agency Experian.
A new white paper released by the company, "First-Party Fraud–Trends, Challenges and Outlook," argues that institutions should expand their definition of first-party fraud and employ in-depth analytics of customer behavior at key process points to detect incidents, prevent losses, and in turn, reduce operational costs.
"The majority of our clients cite first-party fraud as one of the top two to three concerns from a fraud-loss perspective," said Keir Breitenfeld, senior director of product management and marketing, fraud and identity solutions for Experian's decision analytics business unit. "It's a big problem and accounts for as much as 25% of credit losses."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
