DALLAS, June 19, 2018 /PRNewswire/ — GIACT Systems® – the leader in helping companies positively identify and authenticate customers – today issued a white paper, Beating Fraud, Beating Friction: How Insurers Slash Costs and Delight Policyholders with Payment Innovation, discussing how insurers can protect against fraud. The white paper explores the growth of insurance claims fraud as well as the risks and opportunities associated with insurers’ payment processes.
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The white paper also highlights operational changes insurers should consider when re-engineering their end-to-end payment processes when battling insurance cliams fraud, including:
- Digital multi-factor initiations
- Automated, analytics-based validation
- Adoption of a rules-based claims processing workflow
- Adaptive payment deliveries
“Using stolen and manipulated customer information, fraudsters are inventing new ways to spoof traditional data-capture methods. GIACT goes beyond the traditional authentication and verification methods to expand identity proofing, keeping fraudsters out of the system.”
David Barnhardt
EVP of Product, GIACT
Beating fraud, beating friction
“Keeping modern fraud at bay requires more proactive tactics, including verification of both person and device. These modern tactics are in contrast to reactive approaches, such as ‘pay and chase’. Such tactics place a carrier in a compromised position,” said Jay Sarzen, senior analyst with Aite Group’s P&C Insurance practice. “Being able to detect and prevent insurance fraud will be critical to carriers as fraud schemes continue to evolve.”
“Using stolen and manipulated customer information, fraudsters are inventing new ways to spoof traditional data-capture methods,” said David Barnhardt, EVP of Product, GIACT. “GIACT goes beyond the traditional authentication and verification methods to expand identity proofing, keeping fraudsters out of the system.”
–via PRNewswire
