AA Insurance, Verisk Insurance Solutions and iovation host webinar
iovation, the provider of device intelligence for authentication and fraud prevention, unveiled the top five online insurance fraud schemes to look for in 2016 during a webinar entitled “How to Avoid Online Insurance Fraud in 2016.” David Reynoldson, iovation’s strategic partnerships manager, led the discussion alongside Bill Ayscue, senior product manager at Verisk Insurance Solutions, and Chris Monk, AA Insurance’s collections and fraud manager, which took place on Tuesday, January 19, 2016.
“The market has seen a significant increase in the volume of insurance fraud schemes, making it imperative for providers to stay ahead of cybercriminals’ shifting tactics,” said Reynoldson. “At iovation, we stop more than 250,000 attempted online fraudulent activities across our global network every single day. By discussing the latest methods being used, we want to empower insurance providers not only to stop fraud across the customer lifecycle to minimize losses, but also to improve the overall experience for good customers so they can maximize revenue and protect their brands.”
When armed with detailed intelligence about the top fraud trends, insurance underwriters and risk managers can better determine where and how to focus their unique fraud countermeasures. Webinar attendees learned how iovation’s device recognition technology helps stop fraud by linking fraudulent claims together; uncovers gangs of criminals working in collusion; and prevents ghost brokering, crash for cash schemes, policy manipulation and claims fraud.
Through iovation’s fraud prevention service, insurers are able to identify fraud and misuse at point of quote, point of purchase, claim, mid term adjustment and renewal. The solution determines whether an insurance quote request appears to be fraudulent based on the current and past behavior of a device; such as a smartphone, tablet or laptop. iovation’s insurance clients have detected and blocked a significant volume of instances of known or suspected insurance fraud. The solution has also saved insurers significant resources that have historically been diverted to point-of-sale or even post-sale fraud detection.
- Financial Fraud Detection and Prevention
- Online Banking Fraud Detection and Prevention
- Online Gambling Fraud Detection and Prevention
- E-commerce Fraud Detection and Prevention
- Insurance Fraud Detection and Prevention
- Travel & Ticketing Fraud Detection and Prevention
- Online Gaming Fraud Detection Prevention
- Online Dating Fraud Detection and Prevention
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.