Globally, populations living in proximity to conservation areas have experienced some level of wildlife conflict, ranging from crop loss to severe human injury. Various compensation schemes already exist in developed nations where victims report the conflict and receive compensation for the loss sustained. However, in developing countries, victims face more challenges pertaining to reporting losses to authorities. We used the Banke National Park in Nepal, where literature addressing human-wildlife conflict issues is lacking, as a case study to explore possible factors influencing the propensity to report losses. We surveyed 197 participants; 100% reported suffering from crop raids by wild animals, and about 60% reported livestock death. Results revealed that socio-demographic factors such as age, gender and family size, in addition to the wild animal species responsible for loss, were statistically significant in influencing the likelihood of reporting loss. We used our findings to suggest improvements to policy measures for compensation schemes by tailoring the program to affected populations. Data and implications of this study can benefit conservation stakeholders in Nepal as well as other areas in the world that experience similar conflicts.