FICO Survey: Rising Acceptance of ';Liar Loans' Among Malaysian Consumers
FICO's latest global consumer fraud research reveals alarming attitudes toward first-party financial fraud in Malaysia. The survey shows that 55% of Malaysians think it's OK or normal to exaggerate income on loan applications, significantly higher than the global average of 39%. Key findings include:
- 66% believe misrepresenting income on bank account applications is normal or acceptable
- 64% think the same for automotive financing applications
- 59% for mortgage applications
- 37% find exaggerating income on personal loan applications acceptable under specific conditions
The research also highlights that falsifying insurance claims is viewed as the most taboo form of fraud, with 49% of Malaysian respondents believing it is not acceptable. FICO warns that these attitudes pose significant risks to financial institutions and urges the implementation of effective fraud prevention strategies.
La più recente ricerca globale di FICO sui frodi dei consumatori rivela atteggiamenti allarmanti nei confronti delle frodi finanziarie di prima parte in Malesia. L'indagine mostra che il 55% dei malesi ritiene sia accettabile o normale esagerare il reddito nelle domande di prestito, un valore significativamente superiore alla media globale del 39%. I principali risultati includono:
- Il 66% crede che rappresentare in modo errato il reddito nelle domande per conti bancari sia normale o accettabile
- Il 64% la pensa allo stesso modo per le domande di finanziamento automobilistico
- Il 59% per le domande di mutuo
- Il 37% ritiene che esagerare il reddito nelle domande di prestiti personali sia accettabile in determinate condizioni
La ricerca evidenzia anche che falsificare le richieste di indennizzo assicurativo è visto come la forma di frode più tabù, con il 49% dei rispondenti malesi che ritiene non sia accettabile. FICO avverte che questi atteggiamenti comportano rischi significativi per le istituzioni finanziarie e sollecita l'implementazione di strategie efficaci di prevenzione delle frodi.
La última investigación global de FICO sobre fraudes en consumidores revela actitudes alarmantes hacia el fraude financiero de primera parte en Malasia. La encuesta muestra que el 55% de los malasios piensa que está bien o es normal exagerar los ingresos en las solicitudes de préstamos, lo que es significativamente más alto que el promedio global del 39%. Las conclusiones clave incluyen:
- El 66% cree que presentar erróneamente los ingresos en las solicitudes de cuentas bancarias es normal o aceptable
- El 64% piensa lo mismo para las solicitudes de financiamiento automotriz
- El 59% para las solicitudes de hipoteca
- El 37% considera aceptable exagerar los ingresos en las solicitudes de préstamos personales bajo ciertas condiciones
La investigación también destaca que falsificar reclamaciones de seguros es visto como la forma de fraude más tabú, con el 49% de los encuestados malasios creyendo que no es aceptable. FICO advierte que estas actitudes representan riesgos significativos para las instituciones financieras y urge la implementación de estrategias efectivas de prevención del fraude.
FICO의 최신 글로벌 소비자 사기 연구는 말레이시아의 일차 금융 사기에 대한 우려스러운 태도를 드러냅니다. 조사에 따르면 55%의 말레이시아인들이 대출 신청서에서 소득을 과장하는 것이 괜찮거나 정상이라고 생각합니다. 이는 전 세계 평균 39%보다 훨씬 높은 수치입니다. 주요 발견 사항은 다음과 같습니다:
- 66%는 은행 계좌 신청서에서 소득을 잘못 진술하는 것이 정상 또는 허용된다고 생각합니다
- 64%는 자동차 금융 신청서에 대해서도 동일하게 생각합니다
- 59%는 주택 담보 대출 신청서에 대해 해당합니다
- 37%는 개인 대출 신청서에서 소득을 과장하는 것이 특정 조건 하에 허용된다고 여깁니다
연구는 또한 보험 청구를 허위로 작성하는 것이 가장 금기시되는 사기로 간주된다고 강조하며, 49%의 말레이시아 응답자가 그것이 허용되지 않는다고 믿고 있습니다. FICO는 이러한 태도가 금융 기관에 심각한 위험을 초래한다고 경고하며, 효과적인 사기 예방 전략의 시행을 촉구합니다.
La dernière recherche mondiale de FICO sur la fraude des consommateurs révèle des attitudes alarmantes envers la fraude financière de première partie en Malaisie. L'enquête montre que 55 % des Malais pensent qu'il est acceptable ou normal d'exagérer ses revenus dans les demandes de prêt, ce qui est considérablement plus élevé que la moyenne mondiale de 39 %. Les principaux résultats comprennent :
- 66 % estiment que mal représenter ses revenus dans les demandes de compte bancaire est normal ou acceptable
- 64 % pensent la même chose pour les demandes de financement automobile
- 59 % pour les demandes hypothécaires
- 37 % trouvent acceptable d'exagérer ses revenus dans les demandes de prêt personnel sous certaines conditions
La recherche souligne également que falsifier des réclamations d'assurance est considéré comme la forme de fraude la plus taboue, avec 49 % des répondants malais qui estiment que ce n'est pas acceptable. FICO avertit que ces attitudes posent des risques significatifs pour les institutions financières et appelle à la mise en œuvre de stratégies efficaces de prévention de la fraude.
Die jüngste globale Verbraucherbetrugsforschung von FICO zeigt alarmierende Einstellungen gegenüber Erschleichungsbetrug in Malaysia. Die Umfrage zeigt, dass 55% der Malaysianer es in Ordnung oder normal finden, das Einkommen in Kreditanträgen zu übertreiben, was erheblich über dem globalen Durchschnitt von 39% liegt. Die wichtigsten Ergebnisse sind:
- 66% glauben, dass das Falschaussagen des Einkommens bei Bankanträgen normal oder akzeptabel ist
- 64% denken dasselbe bei Autokredit-Anträgen
- 59% bei Hypothekenanträgen
- 37% halten es unter bestimmten Bedingungen für akzeptabel, das Einkommen in persönlichen Kreditanträgen zu übertreiben
Die Forschung hebt auch hervor, dass das Fälschen von Versicherungsansprüchen als die tabuisierteste Form des Betrugs angesehen wird, wobei 49% der malaysischen Befragten glauben, dass es nicht akzeptabel ist. FICO warnt, dass diese Einstellungen erhebliche Risiken für Finanzinstitutionen darstellen und fordert die Umsetzung effektiver Betrugspräventionsstrategien.
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More than a third of Malaysians think it’s OK to deliberately mislead on personal loans, mortgages, auto and other applications.
Highlights
-
More than half of Malaysians (
55% ) think it’s OK or normal for people to exaggerate their income on loan applications, significantly more than the global average of39% -
More than one in six (
18% ) of Malaysians believe it’s normal for people to deliberately misrepresent their income on mortgage applications -
Falsifying insurance claims is viewed as the most taboo form of fraud, with close to half (
49% ) of Malaysian respondents believing it is not acceptable
Global analytics software leader FICO today shared its latest global consumer fraud research, revealing alarming attitudes toward first-party financial fraud both globally and in the Malaysian market.
Three in five Malaysians think it is normal or acceptable in some cases to misrepresent their income on applications for a bank account (
About a third (
Globally, attitudes differ notably. The survey reveals that the majority of consumers (
“Malaysian banks are facing the threat of ‘liar loans’ with over half of Malaysian consumers viewing income falsification as either acceptable or justified,” said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. “It is crucial for Malaysian consumers to understand that misrepresenting income, even unintentionally, can lead to serious consequences.”
More information: https://www.fico.com/en/latest-thinking/ebook/consumer-survey-2023-digital-banking-customer-preferences-and-fraud-controls
Growing Mortgage Sector at Risk of Application Fraud
The FICO survey reveals that more than two in five (
Even when a mortgage application from an existing customer appears legitimate on paper, the established banking relationship can be exploited to commit fraud. By exaggerating income, such as inflating self-employment earnings or overstating bonuses, as well as omitting debts or misrepresenting personal circumstances, applicants can manipulate the loan process, making it difficult for lenders to detect these discrepancies without thorough and proactive verification measures.
“Financial institutions can overcome the unique challenges presented by application fraud by leveraging cutting-edge data analytics for risk assessments,” said Sharma. “This will provide holistic views of each customer, enabling early detection of anomalies and signs of sleeper fraud.”
Falsifying Insurance Claims Is Most Taboo
Falsifying insurance claims is viewed as the most taboo form of fraud, according to FICO’s research, with around two-thirds of consumers globally believing it is never acceptable to exaggerate the value of stolen property or add false items to a claim. This sentiment is echoed by close to half of Malaysian respondents (
Matching global trends, attitudes shift regarding other financial products. Half of consumers globally, including more than a quarter of Malaysians (
“The FICO survey reveals that cost-of-living pressures on consumers are potentially shaping views about application fraud,” noted Sharma. “This is a strong signal to financial institutions to implement effective fraud prevention strategies to safeguard their business and customers.”
The survey was conducted in November 2023 by an independent research company adhering to research industry standards. 1,001 Malaysian adults were surveyed, along with approximately 12,000 other consumers in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240925312996/en/
Lizzy Li
RICE for FICO
+65 9034 7768
lizzy.li@ricecomms.com
Saxon Shirley
FICO
+65 9171 0965
saxonshirley@fico.com
Source: FICO
FAQ
What percentage of Malaysians think it's OK to exaggerate income on loan applications according to the FICO survey?
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What type of financial fraud is considered most taboo by Malaysians in the FICO survey?
What percentage of Malaysians believe it's normal to misrepresent income on mortgage applications?
How many Malaysian adults were surveyed in the FICO consumer fraud research?
