FARMINGTON, Conn., June 20, 2012 -- /PRNewswire-iReach/ -- An error at a Bank of America ATM allowed a man to fraudulently withdraw $1.5 million before he was caught. As the worldwide economy remains in an extended period of recession, threats from first-party credit card fraud and other related issues will keep banks on their toes. Staying ahead of the trends in this market will be essential to banks and businesses that wish to remain competitive and reduce the threat of loss due to fraud. With premium market research from the world's leading publishers, Global Information Inc. helps these businesses stay on the cutting edge with the best forecasts, trends research, and analyses.
First-Party Credit Card Fraud: Trends, Analytics, and Prevention Strategies
First-party fraud is a scheme where borrowers apply for and use credit, while having no intent of ever paying off incurred debt. Historically, this fraud has been difficult for credit card issuers to identify specifically as intentional theft, and thus most lenders simply write it off as bad debt. Recently, however, the payment industry and its vendors have been intensifying efforts to combat first-party fraud, especially as the criminal underworld exploits vulnerabilities in the banking system. Issuers are incorporating advanced fraud prevention technologies to identify criminal activity rings, expunge bad accounts, and bring stronger attention and insight onto cases of potential first-party fraud.
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