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]
