Fraudulent Complaints Submissions in the CFPB Database

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The CFPB database allows consumers to report financial issues, but Davies Consulting found about 2% of complaints may be fraudulent, often sharing identical narratives across unique ZIP codes. This fraud burdens credit bureaus with unnecessary costs and may inadvertently aid fraudsters. The CFPB could enhance fraud detection by using advanced NLP techniques. Davies, a professional services firm, conducted this analysis, led by Prakash Santhana.

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Consumer Banking
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Fraudulent Complaints Submissions in the CFPB Database

In Depth

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