A similar proportions of consumers would exaggerate an insurance claim or add items to a claim.
Fraud Mentality - This sentiment is more pronounced in Malaysia compared to Southeast Asian neighbours Thailand, the Philippines and Indonesia, where close to 50 per cent of the respondents said such behaviours are normal.
While many think that people should never take these fraudulent actions, the survey sheds light on the concerning willingness of many Malaysians to commit fraud in pursuit of financial gain.
These numbers underscore the importance for Malaysian banks to bolster fraud prevention to safeguard customers' interests and strengthen their bottom line. The study's results indicated that banks in Malaysia might be making inaccurate risk assessments due to false information on applications, potentially leading to financial losses from inflated insurance claims.
Additionally, customers may not be aware that providing incorrect information on applications or claims is illegal. Stretched finances due to rising costs of living and the gloomy economic climate had pushed some Malaysians to desperate measures to obtain credit and other means to make ends meet.
Misrepresenting information constituted fraud - By enhancing their capacity to identify irregularities indicating exaggeration or misrepresentation of information, financial institutions can proactively safeguard themselves against losses arising from customers' repayment challenges.
The study also pointed out that financial institutions frequently possess the evidence required to distinguish between fraudulent and legitimate applications. Banks prompt customers with arduous and time-consuming identity checks, resulting in increased costs and duplications that cause frustration for customers.
Fraud Mentality - This sentiment is more pronounced in Malaysia compared to Southeast Asian neighbours Thailand, the Philippines and Indonesia, where close to 50 per cent of the respondents said such behaviours are normal.
While many think that people should never take these fraudulent actions, the survey sheds light on the concerning willingness of many Malaysians to commit fraud in pursuit of financial gain.
These numbers underscore the importance for Malaysian banks to bolster fraud prevention to safeguard customers' interests and strengthen their bottom line. The study's results indicated that banks in Malaysia might be making inaccurate risk assessments due to false information on applications, potentially leading to financial losses from inflated insurance claims.
Additionally, customers may not be aware that providing incorrect information on applications or claims is illegal. Stretched finances due to rising costs of living and the gloomy economic climate had pushed some Malaysians to desperate measures to obtain credit and other means to make ends meet.
Misrepresenting information constituted fraud - By enhancing their capacity to identify irregularities indicating exaggeration or misrepresentation of information, financial institutions can proactively safeguard themselves against losses arising from customers' repayment challenges.
The study also pointed out that financial institutions frequently possess the evidence required to distinguish between fraudulent and legitimate applications. Banks prompt customers with arduous and time-consuming identity checks, resulting in increased costs and duplications that cause frustration for customers.
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