- [04:33] There are a lot of different types of fraud. At the very highest level would be application fraud. This is fraud associated with applications for new products. Identity fraud is fraud associated with identities. The other main type is first-party fraud which is someone who is being untruthful about some part of their history.
- [05:08] Within identity fraud there are two main subcategories. Identity theft is when someone steals someone else's identity. The other is synthetic fraud which is when someone makes up an identity.
- [06:08] Another type of first-party fraud that we are seeing increasingly now is credit washing. Credit washing is when somebody falsely claims to be a victim of identity theft in order to remove derogatory information from their credit report.
- [09:59] The fraudsters continue to evolve and develop. One of the big things they have seen recently is fraudsters that are using the victims' mailing addresses.