Insurers need to be cognizant of globally expanding fraud networks, according to FRISS, a provider of fraud and risk management. The company recommended the use of new investigative techniques like text mining, photo screening, device identification, voice detection and cross border searches to combat fraud.
‘’Where fraud networks used to be limited to a single country, they are now expanding their activities to multiple countries and become transboundary,’’ says Jeroen Morrenhof (CEO FRISS).
International Fraud Trends
- Digitally manipulated claim photos. These photo manipulations can be uncovered by using photo screening.
- Multiple applications for policies under false identities applied for with the use of the same device (tablet, phone and laptop). Device screening can be used to detect fraudsters that have registered in the past and linked to the device or IP address used for the newest insurance policy application.
The number of ‘successful’ fraud constructions that are being adopted from other countries is increasing. Fraudsters are also moving within Europe to repeat effective insurance fraud schemes in multiple countries. Examining data from all countries is crucial and can be realized with cross border searches.
To illustrate this need for innovation, FRISS created an animation that provides insurance companies with insight into the future of fraud detection and risk assessment. This animation highlights the ultimate combination of knowledge and technology enabling insurers to become future proof.
Click here to watch the animation: http://vimeopro.com/friss/what-if
Was this article valuable?
Here are more articles you may enjoy.