Cyber Security For The Insurance Industry

  • Security

Insurance fraud is nothing new, but through the Internet more opportunities have been created for dishonest people to commit online fraud. The Internet allows people to remain anonymous and commit fraud in a couple of minutes. Each year billions of dollars are lost to insurance fraud. Criminals are getting more sophisticated and insurance companies need a comprehensive approach to identify suspicious claims. Its also important to make customers feel safe and help ensure that their assets are protected and in a place they trust.

As a leader in your organization, you need to understand what is happening online and off with regards to your brand. The more we know about the size of the threat, and the more details we have about what's hitting who, where, and how hard, the easier it should be to improve fraud prevention efforts. Businesses should be estimating their own risks from cybercrime along with feeling the financial pressure to improve defenses on all fronts.

Due to the fact that the Insurance industry has been targeted for federally regulated compliance procedures, Electronic Verification Systems has developed a specific set of fraud prevention products to help insurance companies screen their policyholders and track their compliance efforts. Identity verification, consumer data-match profiling and high-risk alerts are just a few of the products available to enhance your system.

The overall goal for all parties involved should be optimizing Insurance fraud detection and the underwriting process to help avoid insurance fraud. We strive to provide insurance companies a significant improvement in their ability to prevent fraudulent activity and address the growing problem of fraud loss by implementing more effective fraud prevention tools.

[Contributed by EVS Marketing]