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Purely digital transactions and the growing availability of personal data for sale is driving this trend, LexisNexis reported.

Insurance fraud is a $30 billion a year problem, and most insurers believe scams are on the rise.

In the U.S., digital fraud attempts across the financial services industry increased 109% during the research period.

What does digital transformation mean for the insurance industry and what challenges do carriers face?

Increased digitalization should spur insurance executives to be even more sensitive to this risk.