Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.


Check here if you're human


Another Way to Investigate Insurance Fraud

Pin It

Insurance fraud has been around since the dawn of the insurance policy, largely due to its reliance on the honor system. It’s fairly easy to file and process a fabricated claim—just a matter of filling out paperwork online, really. While there are certainly some checks and balances in the claim investigation process, there are often too many variables to make a conclusive determination of a claim’s legitimacy, and with an ever increasing number of policies being created online, the insurance industry needs to take added precautions against fraudsters.

PostOnline.co.uk reports, “Insurers can use indicators and experience of fraud awareness techniques to identify patterns and they are more aware of the possibilities of fraud and exposure they have in the fleet side of the business, but we can’t be complacent.”

According to Damian Ward, head of the fraud team at law firm Halliwells, a more sophisticated variety of fraud involving criminal gangs has been a problem within the industry for quite a while. Ward says fraudsters take advantage of the ease with which motor insurance may be obtained. “With the internet, there is little underwriting control and it is easier for people to set up false policies and claims.”

Insurance fraud investigators may not know what many in the financial, retail and banking sectors are already aware of, which is that the digital devices being used to file claims can be identified as collaborators in a larger conspiracy. Once these PCs, laptops, Macs, tablets, or smartphone are “fingerprinted” and their reputations are established, investigators can begin putting together the pieces of the puzzle in order to take down a criminal enterprise.

ReputationManager 360, by iovation Inc., can re-recognize devices and share the reputation of those devices, plus assess transaction risk in real-time for insurance companies. Hundreds of online businesses use this software-as-service to detect fraud upfront, reduce financial losses and protect their brand reputation.

Robert Siciliano, personal security and identity theft expert contributor to iovation, discusses identity theft  in front of the National Speakers Association. (Disclosures)

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • How Device Reputation Can Help Prevent Fraud in the Insurance Industry
    Insurance companies, like banks and retailers, are forced to deal with a wide spectrum of fraud, which costs the industry and its customers billions of dollars each year. According to the Insurance Fraud Bureau, “Undetected general insurance claims fraud total £1.9billion a year adding on average £44 to the annual costs individual policyholders face, on
  • 5 Insidious Forms of Auto Insurance Fraud
    Insurance is intended to have your back in the event that something goes wrong, but some individuals have found loopholes in the system, effectively turning insurance companies into their own personal banks. These scammers have long been known to engage in “slip and falls,” claiming “whiplash,” and engaging in elaborate scams that can take years
  • Beware of Ghost Brokers
    The insurance industry is thoroughly regulated, with numerous checks and balances. In the United Kingdom, however, scammers are able to pose as insurance brokers—or “Ghost Brokers”—offering significantly cheaper insurance than legitimate insurance firms. The Telegraph reports, “The multi-million pound scam is operated by fraudsters who target drivers who are economising and looking for cheaper motor insurance deals. These motorists
  • Organized Crime Drives Increasing Auto Insurance Costs
    All over the world, insurance fraud equates to a multi-billion dollar issue. The Guardian reports that in the United Kingdom, “insurance fraud [has] been on the rise since the recession began. Figures to be published by the Association of British Insurers (ABI) are expected to show that these are still on the rise. As it is, the ABI
  • Bad Drivers And Insurance Scams Uncovered Online
    Some people can’t help bragging and babbling about themselves online. Whether in a blog post, tweet, Facebook status update, or YouTube video, chances are if it happened, it’s going to come out online. The Internet is making it much easier for fraud investigators to learn everything they need to know about their subjects. Teenagers and street racers

Leave a Comment

You must be logged in to post a comment.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category