First-party fraud — sifting through the noise to find and manage true risk

by Guest Contributor 2 min read June 14, 2016

first-party-fraud

Part four in our series on Insights from Vision 2016 fraud and identity track

It was a true honor to present alongside Experian fraud consultant Chris Danese and Barbara Simcox of Turnkey Risk Solutions in the synthetic and first-party fraud session at Vision 2016. Chris and Barbara, two individuals who have been fighting fraud for more than 25 years, kicked off the session with their definition of first-party versus third-party fraud trends and shared an actual case study of a first-party fraud scheme.

firsty-party-fraud-scheme

The combination of the qualitative case study overlaid with quantitative data mining and link analysis debunked many myths surrounding the identification of first-party fraud and emphasized best practices for confidently differentiating first-party, first-pay-default and synthetic fraud schemes.

Following these two passionate fraud fighters was a bit intimidating, but I was excited to discuss the different attributes included in first-party fraud models and how they can be impacted by the types of data going into the specific model.

There were two big “takeaways” from this session for me and many others in the room. First, it is essential to use the correct analytical tools to find and manage true first-party fraud risk successfully. Using a credit score to identify true fraud risk categorically underperforms. BustOut ScoreSM or other fraud risk scores have a much higher ability to assess true fraud risk.

bust-out-score

Second is the need to for a uniform first-party fraud bust-out definition so information can be better shared. By the end of the session, I was struck by how much diversity there is among institutions and their approach to combating fraud. From capturing losses to working cases, the approaches were as unique as the individuals in attendance

This session was both educational and inspirational. I am optimistic about the future and look forward to seeing how our clients continue to fight first-party fraud.

Related Posts

Updated November 17th Related Posts Link to automotive form, business form

Published: April 24, 2025 by Rathnathilaga.MelapavoorSankaran@experian.com

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus at nisl nunc. Sed et nunc a erat vestibulum faucibus. Sed fermentum placerat mi aliquet vulputate. In hac habitasse platea dictumst. Maecenas ante dolor, venenatis vitae neque pulvinar, gravida gravida quam. Phasellus tempor rhoncus ante, ac viverra justo scelerisque at. Sed sollicitudin elit vitae est lobortis luctus. Mauris vel ex at metus cursus vestibulum lobortis cursus quam. Donec egestas cursus ex quis molestie. Mauris vel porttitor sapien. Curabitur tempor velit nulla, in tempor enim lacinia vitae. Sed cursus nunc nec auctor aliquam. Morbi fermentum, nisl nec pulvinar dapibus, lectus justo commodo lectus, eu interdum dolor metus et risus. Vivamus bibendum dolor tellus, ut efficitur nibh porttitor nec. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Maecenas facilisis pellentesque urna, et porta risus ornare id. Morbi augue sem, finibus quis turpis vitae, lobortis malesuada erat. Nullam vehicula rutrum urna et rutrum. Mauris convallis ac quam eget ornare. Nunc pellentesque risus dapibus nibh auctor tempor. Nulla neque tortor, feugiat in aliquet eget, tempus eget justo. Praesent vehicula aliquet tellus, ac bibendum tortor ullamcorper sit amet. Pellentesque tempus lacus eget aliquet euismod. Nam quis sapien metus. Nam eu interdum orci. Sed consequat, lectus quis interdum placerat, purus leo venenatis mi, ut ullamcorper dui lorem sit amet nunc. Donec semper suscipit quam eu blandit. Sed quis maximus metus. Nullam efficitur efficitur viverra. Curabitur egestas eu arcu in cursus. H1 asdf asdf H2 H3 H4 Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum dapibus ullamcorper ex, sed congue massa. Duis at fringilla nisi. Aenean eu nibh vitae quam auctor ultrices. Donec consequat mattis viverra. Morbi sed egestas ante. Vivamus ornare nulla sapien. Integer mollis semper egestas. Cras vehicula erat eu ligula commodo vestibulum. Fusce at pulvinar urna, ut iaculis eros. Pellentesque volutpat leo non dui aliquet, sagittis auctor tellus accumsan. Curabitur nibh mauris, placerat sed pulvinar in, ullamcorper non nunc. Praesent id imperdiet lorem. H5 Curabitur id purus est. Fusce porttitor tortor ut ante volutpat egestas. Quisque imperdiet lobortis justo, ac vulputate eros imperdiet ut. Phasellus erat urna, pulvinar id turpis sit amet, aliquet dictum metus. Fusce et dapibus ipsum, at lacinia purus. Vestibulum euismod lectus quis ex porta, eget elementum elit fermentum. Sed semper convallis urna, at ultrices nibh euismod eu. Cras ultrices sem quis arcu fermentum viverra. Nullam hendrerit venenatis orci, id dictum leo elementum et. Sed mattis facilisis lectus ac laoreet. Nam a turpis mattis, egestas augue eu, faucibus ex. Integer pulvinar ut risus id auctor. Sed in mauris convallis, interdum mi non, sodales lorem. Praesent dignissim libero ligula, eu mattis nibh convallis a. Nunc pulvinar venenatis leo, ac rhoncus eros euismod sed. Quisque vulputate faucibus elit, vitae varius arcu congue et. Ut maximus felis quis diam accumsan suscipit. Etiam tellus erat, ultrices vitae molestie ut, bibendum id ipsum. Aenean eu dolor posuere, tincidunt libero vel, mattis mauris. Aliquam erat volutpat. Sed sit amet placerat nulla. Mauris diam leo, iaculis eget turpis a, condimentum laoreet ligula. Nunc in odio imperdiet, tincidunt velit in, lacinia urna. Aenean ultricies urna tempor, condimentum sem eget, aliquet sapien. Ut convallis cursus dictum. In hac habitasse platea dictumst. Ut eleifend eget erat vitae tempor. Nam tempus pulvinar dui, ac auctor augue pharetra nec. Sed magna augue, interdum a gravida ac, lacinia quis erat. Pellentesque fermentum in enim at tempor. Proin suscipit, odio ut lobortis semper, est dolor maximus elit, ac fringilla lorem ex eu mauris. Phasellus vitae elit et dui fermentum ornare. Vestibulum non odio nec nulla accumsan feugiat nec eu nibh. Cras tincidunt sem sed lacinia mollis. Vivamus augue justo, placerat vel euismod vitae, feugiat at sapien. Maecenas sed blandit dolor. Maecenas vel mauris arcu. Morbi id ligula congue, feugiat nisl nec, vulputate purus. Nunc nec aliquet tortor. Maecenas interdum lectus a hendrerit tristique. Ut sit amet feugiat velit. Test Yes asedtsdfd asdf asdf adsf Related Posts

Published: March 1, 2025 by , Sirisha Koduri

Discover how token-based authentication works, its types, and why businesses trust it to secure sensitive data.

Published: February 11, 2025 by Theresa Nguyen