Difference between revisions of "First Party Fraud"
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== Definition == | == Definition == | ||
− | + | '''First Party Fraud''' means fraud committed by an individual or group of individuals on their own account with no intention of any repayment of the loss caused.<ref>EBA/CP/2014/08</ref> | |
− | the loss caused.<ref>EBA/CP/2014/08</ref> | ||
== Lending Context == | == Lending Context == | ||
− | A first party fraud generally occurs when the party misrepresents its financial abilities on the application forms and by using another person's identifying information. Any fraud which is initiated at a later stage of the lifecycle of a credit product, such as the misstatement of financial reports, even when it is used to prolong or to extend an existing credit product does not fall within this definition | + | A first party fraud generally occurs when the party misrepresents its financial abilities on the application forms and by using another person's identifying information. |
+ | |||
+ | Any fraud which is initiated at a later stage of the lifecycle of a credit product, such as the misstatement of financial reports, even when it is used to prolong or to extend an existing credit product does not fall within this definition. | ||
== References == | == References == |
Latest revision as of 18:14, 24 September 2021
Definition
First Party Fraud means fraud committed by an individual or group of individuals on their own account with no intention of any repayment of the loss caused.[1]
Lending Context
A first party fraud generally occurs when the party misrepresents its financial abilities on the application forms and by using another person's identifying information.
Any fraud which is initiated at a later stage of the lifecycle of a credit product, such as the misstatement of financial reports, even when it is used to prolong or to extend an existing credit product does not fall within this definition.
References
- ↑ EBA/CP/2014/08