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62% of Malaysians willing to commit fraud for loans, claims - Study

According to a study by global analytics software provider FICO, approximately 62% of Malaysians would commit fraud to obtain a loan or an insurance claim. The study found that 35% of respondents considered it acceptable to exaggerate income on loan applications, while 25% saw no problem in doing the same for insurance claims. These figures highlight the need for Malaysian banks to enhance fraud prevention measures. The study also emphasised that false information on applications may lead to inaccurate risk assessments and potential financial losses. FICO's Asia Pacific lead, C.K. Leo, stated that the findings underscore the importance of financial institutions identifying and preventing fraudulent behaviour to protect customers and avoid losses.


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