A gavel lies on top of a document with a wax seal. The words "insurance fraud" are superimposed in front of it. Despite the jump in fraudulent activity in insurance, TransUnion found that across all industries, global digital fraud actually decreased 14% from Q2 2021 to Q2 2022. (Credit: Africa Studio/Shutterstock.com)

For the second quarter in a row, the insurance industry saw the largest year-over-year growth in digital fraud attempts with an increase of 159% from Q2 2021 to Q2 2022, according to TransUnion’s latest quarterly fraud analysis report. In Q1 2022, the insurance sector saw a 134% growth in digital fraud from Q1 2021. The only other industry that saw an increase in digital fraud from Q2 2021 to Q2 2022 was logistics – a field which is impacted most by shipping fraud – with a 13% jump.

The most common type of insurance fraud, they found, involved first-party application. First-party application fraud occurs when a person submits an application to an insurer containing false or manipulated information in order to receive certification, a lower rate or better terms for a policy.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.