Instant Insights / Insurance Fraud: Detection and prevention

Insurance fraud comes in many forms and can affect every area of the industry. These articles can help insurance professionals implement mitigation strategies and stop crime in its tracks.


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Computer hacker. An increase in the use of technology has also made it easier for fraudsters to feel ‘ok’ about committing fraud since they don’t feel an affinity with their victims. (Photo: Shutterstock)

Consider these disturbing facts: 1) Fraud costs an average of $82 billion per year, 2) Twenty-five percent of the public believes it is acceptable to commit fraud, 3) There were 17 billion connected devices in 2018 and 50 billion devices today. These facts should raise a flag that fraud and technology should be on the strategic radar as immense losses result from suspicious claims.

Technology is all around us, from self-driving cars and personable wearables, smart appliances and connected cities. All of these platforms push data into circulation — data that causes a shift in our psyche. This shift in psychology is also evident in the fraudster, and companies will need to adjust their strategies to face this new type of criminal effectively.

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