HomeNews & IdeasPerspectivesWhen it comes to financial fraud there are three types of people

When it comes to financial fraud there are three types of people

Veracity Analytics – Fact based insights into Trust and Fraud

When people think about financial “fraud” they tend to bucket people into two categories:  the honest customer and the fraudster.  We believe that dichotomy is too simplistic.  It turns out when we test the accuracy, completeness and truthfulness of all the information a customer is required to submit to purchase a financial product we find that when it comes to financial fraud, there are three types of people that financial institutions encounter.

Honests – organized, accurate. About XX% of customers fall into this category:  they complete the application honestly and if they don’t know the answer, they go and get it rather than guessing.  If they put in ‘place holders’ they don’t ‘forget’ them but correct the application.  They might occasionally make a mistake but it is typically inadvertent and uncommon.

Shaders – disorganized, inaccurate. About YY% of a typical financial services customers are in this category.  They are the ones whose applications contain inaccurate data and almost always the inaccuracy is in the favor

Fraudsters – organized, deceptive

because at Veracity we enable our customers to evaluate the accuracy, completeness and truthfulness of every relevant piece of information that they require of customers.  And since


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