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.
- 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