Insurance fraud – staying one step ahead

Published by Christian Givskov on

Fraudsters are everywhere, and the insurance industry is no different where fraud is a growing problem. Insurance fraud is a deliberate action against company employees or financial gain. Fraud is committed at different points in the process. It can be by insurance applicants, policyholders, third-party claimants, insurance agents, and company employees.

‘’ Attackers hit finance and insurance companies in 22.4% of attacks’’

Fraud in the industry has consequences. Fraudulent claims and the cost of investigating potential scams lead to higher premiums for true customers. The consumers do not solemnly feel the impact of insurance scams. Investigating fraud impacts the insurer’s ability to deal with genuine claims.

The most common types of insurance fraud include:

  • False theft
  • Staged accident
  • Rate evasion
  • Falsifying the date or circumstances to get coverage
  • Intentional damage claim

How can you protect against insurance fraud?

Fraudsters are making use of technology, third parties and other ‘’blind spots’’ to commit criminal acts against insurance companies. Today advanced security technology can detect and reduce insurance fraud in real time. While still protecting users and the company from fraudulent activity.

ReTrust is a security software that prevents fraud and creates digital trust between companies and true users. ReTrust is using the biggest fraudulent database in the world, IBM Trusteer software to scan and monitor traffic to your application or website. Like everything else in machine learning, ReTrust is trained by its users. The sessions are accumulated and analyzed by IBM Trusteer. It has more than 60 billion session scans every month.

Let ReTrust protect your business and customers. Contact us at hello@retrust.global, and elevate your digital security.

Request a demo