As insurance claims fraud evolves, technology is fighting back

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

When it comes to insurance fraud, the bad guys never seem to run out of ways to cheat the system. It’s a staggering problem – probably bigger than you think. Just how big?

Fraud is prevalent in every line of insurance. Just one example – industry studies estimate that 10 percent or more of property/casualty claims are fraudulent. Fraud is almost as big a crime as tax evasion. According to the Coalition Against Insurance Fraud, 5 to 10 percent of insurance claims costs in Canada and the U.S. are due to fraud, and nearly one-third of insurance companies say fraud is as high as 20 percent of their claims costs.

Read the full article at The Canadian Underwriter.