Identity event and application behavior indicates 31% malicious first-party application fraud in sample SEEKING FIRST-PARTY APPLICATION FRAUD. Financial losses for checking account application fraud were forecast to surpass US$1 billion in 2023 in the U.S. and Canada, with losses from credit card application fraud expected to grow to US$3.4 billion at the same time. No one knows how much of those losses will be driven by individuals who enter into a financial relationship with no intention to pay — first-party application fraud. However, the potential impact spans across multiple products and markets, from financial products to high-value consumer goods, from financial institution.

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