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In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law or criminal law, or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements.
LexisNexis Risk Solutions is a global data and analytics company that provides data and technology services, analytics, predictive insights and fraud prevention for a wide range of industries. It is headquartered in Alpharetta, Georgia and has offices throughout the U.S. and in Australia, Brazil, China, Hong Kong SAR, India, Ireland, Israel, Philippines and the U.K. The company’s customers include businesses within the insurance, financial services, healthcare and corporate sectors as well as the local, state and federal government, law enforcement and public safety.
Credit scores in the United States are numbers that represent the creditworthiness of a person, the likelihood that person will pay their debts.
Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime.
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination.
Equifax Inc. is an American multinational consumer credit reporting agency and is one of the three largest consumer credit reporting agencies, along with Experian and TransUnion. Equifax collects and aggregates information on over 800 million individual consumers and more than 88 million businesses worldwide. In addition to credit and demographic data and services to business, Equifax sells credit monitoring and fraud prevention services directly to consumers.
Insurance fraud is any act committed to defraud an insurance process. It occurs when a claimant attempts to obtain some benefit or advantage they are not entitled to, or when an insurer knowingly denies some benefit that is due. According to the United States Federal Bureau of Investigation, the most common schemes include premium diversion, fee churning, asset diversion, and workers compensation fraud. Perpetrators in the schemes can be insurance company employees or claimants. False insurance claims are insurance claims filed with the fraudulent intention towards an insurance provider.
The Fair and Accurate Credit Transactions Act of 2003 is a United States federal law, passed by the United States Congress on November 22, 2003, and signed by President George W. Bush on December 4, 2003, as an amendment to the Fair Credit Reporting Act. The act allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies. In cooperation with the Federal Trade Commission, the three major credit reporting agencies set up the web site AnnualCreditReport.com to provide free access to annual credit reports.
A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, Special Accessing Entity in the Philippines, and also to private lenders. It is not the same as a credit rating agency.
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bureaus.
Connect, formerly PRBC, is a consumer credit reporting agency, more commonly referred to as a credit bureau in the United States. It is similar to the other four U.S. credit bureaus in that it is an FCRA compliant national data repository. Connect differs in that: consumers are able to self-enroll and report their own non-debt payment history, and they can build a positive credit file based on alternative data, such as timely payments for bills such as rent, utilities, cable, telephone, and insurance that are not automatically reported to the other bureaus.
An identity score is a system for detecting identity theft. Identity scores are increasingly being adopted as a means to prevent fraud in business and as a tool to verify and correct public records.
Information FrameWork (IFW) is an enterprise architecture framework, populated with a comprehensive set of banking specific business models. It was developed as an alternative to the Zachman Framework by Roger Evernden.
National Hunter is a British credit fraud checking agency that operates an "anti-fraud data sharing system", operated by Experian Decision Analytics, on behalf of its members, around 90 British financial institutions, including banks, building societies, mortgage lenders and finance companies. Information entered by applicants for credit within one of the member organisations is recorded in the system, and can be cross-checked against other applications.
CoreLogic, Inc. is an Irvine, CA–based corporation providing financial, property, and consumer information, analytics, and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks current and historical trends in a number of categories, including consumer credit, capital markets, real estate, fraud, regulatory compliance, natural hazards, and disaster projections. The company reported 2018 revenue of $1.79 billion.
The New Jersey Department of Banking and Insurance (DOBI) is one of 15 principal departments in New Jersey government. The department's mission is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of these industries. The Commissioner of DOBI is Marlene Caride.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
Guardian Analytics is an American privately held company headquartered in Mountain View, California which provides behavioral analytics and machine learning technology for preventing banking fraud. It was established in 2005 and its products are based on anomaly detection to monitor financial transactions.
Computer Age Management Services Limited (CAMS) is a Mutual Fund Transfer Agency to the Indian Asset Management Companies with a share of ~ 70% of the assets under management (AuM). The company was incorporated in year 1988. Company listed w.e.f 1st October, 2020, subsequent to an initial public offering through OFS by the existing shareholders. Present share-holding-31% – Warburg Pincus, a leading Global Private Equity Firm,~45% – Institutional shareholders, Mutual funds, AlFs and FIPs and Remaining is held by Public .CAMS is headquartered in Chennai, India.
References
- ↑ "Prevent Application Fraud | Identity & Fraud | Experian UK". www.experian.co.uk. Retrieved 2016-11-02.
- ↑ "Experian India launches new fraud solution for banking and insurance - The Economic Times". The Economic Times. Retrieved 2016-11-02.
- ↑ "The war on fraud - Mortgage Strategy". Mortgage Strategy. 2013-02-18. Retrieved 2016-11-02.
- ↑ Saraswathy, M. (2015-09-05). "Experian's Hunter to detect life insurance fraud". Business Standard India. Retrieved 2016-11-02.
- ↑ "Experian launches credit monitor Hunter Fraud Score - Times of India". The Times of India. Retrieved 2016-11-02.