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The pandemic has meant businesses have needed to focus on flexing their infrastructure to effectively deliver services via remote working models and processes have required frequent adapting to reflect a rapidly changing operating environment.
These circumstances have seen availability of time and resource to detect and prevent insurance fraud significantly impacted.
Meanwhile, insurance claims fraud is on the increase. In March 2021, The Insurance Fraud Bureau [IFB] reported one insurance scam every minute in the UK during the pandemic.
Economic hardship is a recognised catalyst for increased cases of insurance fraud. The 2007-09 recession saw fraudulent insurance claims rise 17% in one year, and due to COVID-19, the UK is currently seeing its worst economic crisis in over 300 years.
At the same time practised fraudsters and organised criminals are evolving to exploit and take advantage of the fragmented operating environment caused by the pandemic and novice digital consumers. And new types of fraud, like ‘Claims Farming’ and ‘Claims Vishing’ are reportedly on the rise.
Topics covered include:
- What ‘Claims Farming’ and ‘Claims Vishing’ mean
- The pandemic fraudster phenomenon
- To what extent are recessions linked to insurance fraud?
- Why has fraud investigation become more challenging?
- The close connection between insurance fraud and identity theft
- Fraud investigation tools to cross-check millions of aggregated records in real time.
What can insurers do now to win the fight against fraud?
Download for free our in-depth article to learn more about the current insurance fraud landscape and trends.