Reducing Insurance Fraud Through Enhanced Identity Verification

Identity
White Paper

According to the FBI, the insurance industry loses $40 billion per year to fraud (excluding medical insurance). Insurance fraud is one of the most common types of fraud. But the schemes perpetrated against insurance companies are vast, ranging from simple (issuing a fake claim) to more complex (enrolling and issuing claims on thousands of fictitious identities and/or unwitting victims). What is more, insurance companies face new challenges. Accelerated by the pandemic, firms increasingly rely on digital-first and digital-only environments to authenticate the identities of their customers and claims.

GIACT’s new report, Reducing Insurance Fraud Through Enhanced Identity Verification, outlines the latest sample insurance fraud schemes and how insurance companies can strengthen and streamline digital identity verification to reduce insurance fraud.


Topics Covered

  • The prevalence and impact of insurance fraud schemes
  • The evolving types of insurance fraud schemes currently being deployed
  • Vulnerabilities of single point solutions in the fight against insurance fraud
  • Best practices for enhanced digital identity verification

Download the White Paper

>

Nacha Provides ACH Network Rules Update
Enrollments
Nacha Provides ACH Network Rules Update

Organizations increasingly rely on ACH to facilitate payments. To keep users up-to-date, Nacha — who oversees the ACH Network — provides regular updates to its members on new developments, rules and enforcements. To get a preview of what to expect in the next 12 months impacting ACH payments — from micro-deposit verification, increased payment limits, to account validation enforcement — join Nacha’s Director of ACH Network Rules and GIACT (a Refinitiv company) at 1 PM ET Wednesday, June 22 for a complimentary webinar.

Read More »
Whitepaper_Reducing Insurance Fraud Through Enhanced Identity Verification
Identity
Reducing Insurance Fraud Through Enhanced Identity Verification

In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.

Read More »