Tuesday, June 18, 2024

FICO Survey: Half of Indonesians Believe It Is OK to Exaggerate ... - Business Wire

FICO Survey: Half of Indonesians Believe It Is OK to Exaggerate Income on Loan Applications and Insurance Claims (Graphic: FICO)

JAKARTA, Indonesia--(BUSINESS WIRE)--FICO (NYSE: FICO), a leading global provider of analytics software, today announced further findings from its consumer fraud survey exploring attitudes and preferences towards fraud checks. The study revealed that almost half of Indonesians are willing to commit fraud to obtain a loan or file an insurance claim. However, it also highlighted that financial institutions can generate increased revenue and drive sales through a successful fraud protection function.

“The rising costs of living and uncertain financial climate have driven some Indonesians to take drastic measures to obtain credit and other means to make ends meet”

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Giving false information is considered acceptable by many

When asked about their attitudes to giving false information for financial or material gain - known in banking as first-party fraud - half of Indonesians supported these behaviors. Around 25 percent of respondents said there are circumstances when it’s OK to exaggerate income on a loan or mortgage application, while 15 percent thought it was normal to do so. The survey revealed similar proportions of consumers would exaggerate an insurance claim or add items to a claim.

“Our findings underline...

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