FICO Survey: Rising Acceptance of ‘Liar Loans’ Among Filipino Consumers
FICO's latest global consumer fraud survey reveals concerning attitudes towards financial fraud in the Philippines. More than half of Filipinos believe it's acceptable or normal to misrepresent income on various financial applications:
- 56% for bank accounts
- 55% for automotive financing
- 53% for mortgages
Notably, 36% of Filipinos find exaggerating income on personal loan applications acceptable under certain conditions, while 15% view it as normal. The survey also highlights significant risks in the growing mortgage sector, with 37% of Filipino consumers believing it's acceptable to lie on mortgage applications under certain circumstances.
Falsifying insurance claims is seen as the most taboo form of fraud, with 62% of Filipino respondents considering it unacceptable. Aashish Sharma, APAC segment leader at FICO, emphasizes the need for financial institutions to strengthen risk assessment procedures and adopt holistic data approaches to combat application fraud.
Il recente sondaggio globale sulla frode ai consumatori di FICO rivela atteggiamenti preoccupanti nei confronti della frode finanziaria nelle Filippine. Più della metà dei filippini ritiene accettabile o normale fornire informazioni ingannevoli sul reddito in diverse richieste finanziarie:
- 56% per conti bancari
- 55% per finanziamenti automobilistici
- 53% per mutui
È notevole che il 36% dei filippini consideri accettabile gonfiare il reddito nelle domande di prestito personale in determinate condizioni, mentre il 15% lo percepisce come normale. Il sondaggio evidenzia anche importanti rischi nel crescente settore dei mutui, con il 37% dei consumatori filippini che crede sia accettabile mentire nelle domande di mutuo in determinate circostanze.
Falsificare le richieste di indennizzo assicurativo è visto come la forma di frode più tabù, con il 62% dei rispondenti filippini che la considera inaccettabile. Aashish Sharma, leader del segmento APAC in FICO, sottolinea la necessità per le istituzioni finanziarie di rafforzare le procedure di valutazione del rischio e adottare approcci data olistici per combattere la frode nelle domande.
La última encuesta global sobre fraude al consumidor de FICO revela actitudes preocupantes hacia el fraude financiero en Filipinas. Más de la mitad de los filipinos creen que es aceptable o normal falsear ingresos en diversas solicitudes financieras:
- 56% para cuentas bancarias
- 55% para financiamiento automotriz
- 53% para hipotecas
Notablemente, el 36% de los filipinos considera aceptable exagerar ingresos en solicitudes de préstamos personales bajo ciertas condiciones, mientras que el 15% lo ve como normal. La encuesta también destaca riesgos significativos en el creciente sector hipotecario, con un 37% de los consumidores filipinos que creen que es aceptable mentir en solicitudes de hipotecas bajo ciertas circunstancias.
Falsificar reclamaciones de seguros se considera la forma de fraude más tabú, con un 62% de los encuestados filipinos considerándola inaceptable. Aashish Sharma, líder del segmento APAC en FICO, enfatiza la necesidad de que las instituciones financieras refuercen los procedimientos de evaluación de riesgos y adopten enfoques de datos integrales para combatir el fraude en las solicitudes.
FICO의 최신 글로벌 소비자 사기 조사는 필리핀에서 재정 사기에 대한 우려스러운 태도를 드러냅니다. 필리핀 사람들 중 절반 이상이 다양한 금융 신청서에서 소득을 부풀리는 것이 허용되거나 정상적이라고 믿고 있습니다:
- 56% 은행 계좌
- 55% 자동차 금융
- 53% 주택 담보 대출
특히, 36%의 필리핀 사람이 개인 대출 신청서에서 소득을 과장하는 것이 특정 조건 하에 허용된다고 생각하며, 15%는 이를 정상으로 간주합니다. 조사에서는 또한 증가하는 모기지 부문에서 중요한 위험이 강조되며, 필리핀 소비자의 37%가 특정 상황에서 모기지 신청서에 거짓말하는 것이 허용된다고 믿고 있습니다.
보험 청구서를 위조하는 것은 가장 금기시되는 사기 형태로 여겨지며, 필리핀 응답자 중 62%가 이를 용납할 수 없다고 생각합니다. Aashish Sharma는 FICO의 APAC 세그먼트 리더로서, 금융 기관이 위험 평가 절차를 강화하고 신청 사기를 방지하기 위해 전체적인 데이터 접근 방식을 채택할 필요성을 강조합니다.
La dernière enquête mondiale sur la fraude à la consommation de FICO révèle des attitudes inquiétantes envers la fraude financière aux Philippines. Plus de la moitié des Philippins croient qu'il est acceptable ou normal de déformer ses revenus sur diverses demandes financières :
- 56% pour les comptes bancaires
- 55% pour le financement automobile
- 53% pour les hypothèques
Notamment, 36% des Philippins jugent acceptable d'exagérer ses revenus dans les demandes de prêt personnel sous certaines conditions, tandis que 15% le considèrent comme normal. L'enquête met également en lumière des risques significatifs dans le secteur en pleine croissance des hypothèques, avec 37% des consommateurs philippins estimant qu'il est acceptable de mentir sur les demandes d'hypothèque dans certaines circonstances.
Falsifier des réclamations d'assurance est perçu comme la forme de fraude la plus taboue, 62% des répondants philippins la considérant inacceptable. Aashish Sharma, leader du segment APAC chez FICO, souligne la nécessité pour les institutions financières de renforcer les procédures d'évaluation des risques et d'adopter des approches de données holistiques pour lutter contre la fraude dans les demandes.
FICOs aktuelle globale Umfrage zu Verbraucherbetrug zeigt besorgniserregende Einstellungen zum Finanzbetrug auf den Philippinen. Mehr als die Hälfte der Philippiner glaubt, dass es akzeptabel oder normal ist, Einkommen in verschiedenen Finanzanträgen falsch darzustellen:
- 56% für Bankkonten
- 55% für Autokredite
- 53% für Hypotheken
Bemerkenswert ist, dass 36% der Philippiner es in bestimmten Fällen für akzeptabel halten, das Einkommen in persönlichen Darlehensanträgen zu übertreiben, während 15% es als normal ansehen. Die Umfrage hebt auch bedeutende Risiken im wachsenden Hypothekenmarkt hervor, da 37% der philippinischen Verbraucher glauben, dass es unter bestimmten Umständen akzeptabel ist, bei Hypothekenanträgen zu lügen.
Das Fälschen von Versicherungsansprüchen wird als die tabuisierteste Form des Betrugs angesehen, wobei 62% der philippinischen Befragten es als inakzeptabel betrachten. Aashish Sharma, APAC-Segmentleiter bei FICO, betont die Notwendigkeit für Finanzinstitute, die Risikobewertungsverfahren zu stärken und einen ganzheitlichen Datenansatz zur Bekämpfung von Antragsbetrug zu verfolgen.
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More than a third of Filipinos think it’s OK to deliberately mislead on personal loans, mortgages, auto and other applications
Highlights
-
Half of Filipinos (
51% ) think it’s OK or normal for people to exaggerate their income on loan applications, significantly more than the global average of39% -
One in six Filipinos (
16% ) 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 more than three in five Filipinos (
62% ) 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 Filipino market.
More than half of Filipinos think it is normal or acceptable in some cases to misrepresent their income on applications for a bank account (
Close to half (
Globally, attitudes differ, with the survey revealing that the majority of consumers (
“With a noticeable percentage of Filipino consumers viewing income falsification as acceptable or justified, the problem of ‘liar loans’ calls for financial institutions to strengthen their risk assessment procedures,” said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. “Banks play an essential role in steering consumers away from inadvertently committing fraud through robust fraud detection strategies and consumer education.”
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 close to 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 must adopt a holistic approach to data to overcome the unique challenges posed by application fraud,” noted Sharma. “This should include integrating comprehensive data analysis and continuously monitoring accounts for early detection 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. Around two-thirds of consumers globally believe it is never acceptable to exaggerate the value of stolen property or add false items to a claim. This sentiment is echoed by three in five Filipino respondents (
Matching global trends, attitudes shift regarding other financial products. Half of consumers globally, including two in five Filipinos (
“The FICO survey reveals an alarming acceptance of application fraud among consumers, potentially driven by rising cost-of-living pressures,” noted Sharma. “Financial institutions must evolve their fraud strategies to keep pace with such trends and prevent customers from unwittingly engaging into questionable or criminal behavior.”
The survey was conducted in November 2023 by an independent research company adhering to research industry standards. 1,001 Filipino adults were surveyed, along with approximately 12,000 other consumers in
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240925667412/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
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