A new survey by analytics company Fico shows that many Filipinos have mixed feelings about financial fraud. The study found that a large number of people believe it’s acceptable to lie about their income on financial applications, especially for loans and mortgages.
More than half of the Filipinos surveyed think it’s okay to exaggerate their income when applying for a bank account (56%), car loan (55%), or mortgage (53%). This belief also extends to personal loans, where some feel that misrepresenting income is acceptable in certain cases.
However, not everyone agrees. About 46% of those surveyed believe it’s never okay to lie about income on personal loan applications. Yet, around 1 in 7 respondents sees this behavior as common and sometimes acceptable.
The survey also shows a difference in attitudes between Filipinos and people in other countries. Globally, 56% of people believe that lying about income on loan applications is never acceptable, though 24% think it’s fine under certain conditions. One (1) in 7 worldwide even sees it as normal.
“Banks play an essential role in steering consumers away from inadvertently committing fraud through robust fraud detection strategies and consumer education,” Aashish Sharma, APAC segment leader for risk lifecycle and decision management at Fico, said in a statement.
The survey also highlights risks in the growing Philippine mortgage sector. Almost 2 in five Filipinos think lying on mortgage applications is acceptable in some situations. Rising housing prices make it even harder for banks to catch these lies, posing a risk to the system.
On the other hand, lying on insurance claims is viewed as highly unacceptable. Around 62% of Filipinos believe it’s never okay to exaggerate the value of stolen property or add false items to claims.
Fico suggests that rising costs of living might be pushing people toward these risky behaviors. The survey included over 1,000 Filipinos and nearly 12,000 participants from other countries.