Keyword
fraud
Why artificial intelligence should be able to detect auto fraud
October 7, 2019 by Greg MeckbachArtificial intelligence can make it nearly impossible for fraudsters to make a false claim appear real, the founder of an A.I. vendor suggests. If an auto insurance claim is fraudulent, A.I. software could pick up on that as long as…
Online insurance is no safe haven from fraudsters
September 27, 2019 by Jason ContantOnline transactions in insurance have been identified as nearly twice as risky as other industries, new research has found. Iovation, a U.S.-based fraud detection company, said Tuesday that among the 10-billion global online transactions it screened between September 2018 and…
How good are estimates of industry-wide insurance fraud?
September 20, 2019 by Greg MeckbachInsurers really don’t know how much money fraud is costing them. “In Ontario, we have to rely on other jurisdictions to try and quantify it because we are so lousy at it,” said Gordon Rasbach, former vice president of property…
How to make a good first step in the fight against auto fraud an even better one
September 12, 2019 by Greg MeckbachThe launch of Canadian National Insurance Crime Services [CANATICS] was a good move in the fight against auto claims fraud, but Canada is still at a disadvantage to other countries, a former police detective and senior Aviva claims executive said…
What the industry can do to get out of the hard market cycle
August 30, 2019 by Adam MalikAlthough regulation is one significant factor in the current hardening market conditions, that doesn’t mean the insurance industry should cry “woe is me” and wait for things to get better on their own. Instead, a pro-active approach is needed, experts…
New laws needed to assign cyber fraud liability: Court
August 13, 2019 Colin Perkel - THE CANADIAN PRESSTORONTO – A deputy judge is calling for passage of clear laws on which innocent party should bear responsibility for financial losses related to cyberfraud. In calling for legislation, Ontario Deputy Judge Shane Kelford said it’s clear the law has…
Client duped by fraudster wins coverage dispute
July 8, 2019 by Greg MeckbachIf your client ships goods to someone who turns out to be a fraudster and never gets paid as a result, is this covered by all-risks commercial insurance? Lloyd’s Underwriters tried to argue one such loss is excluded, but the…
How this type of client is reducing fraud risk
May 17, 2019 by Greg MeckbachBiometrics and two-factor authentication will become more popular tactics for mitigating cyber crime risk, a British Columbia credit union executive predicts. “I feel like I do a lot of biometrics,” said Marilyn Mauritz, chief transformation and governance officer at Vancouver-based…
Why liability and reputational risk is changing
May 15, 2019 by Greg MeckbachTechnology is making it easier for consumers and businesses to move money, but it can also create new liability risks, fraud experts warned Tuesday. “Financial institutions really have to think about their position on liability,” said Jas Anand, senior manager…
How the industry is tackling insurance fraud
April 12, 2019 by Jason ContantInsurers need to work with regulators and other carriers to help fight the growing problem of insurance fraud, industry professionals say. Industry statistics show that insurance fraud costs $1.6 billion each year in Ontario alone. “As government reflects on the…
Is Aviva-Desjardins fraud collaboration the dawning of a new era?
March 19, 2019 by Jason ContantCould an insurance fraud collaboration between the second and third largest insurers in Canada herald the beginning of a broader trend across the industry? “Hopefully, this is laying the foundation for great, big things to come,” said Ashish Bhargava, vice…
Public insurer’s Top 5 fraud cases of 2018
January 9, 2019 by Jason ContantManitoba Public Insurance (MPI) has released its annual Top 5 list of insurance fraud cases for 2018. The list is compiled based on the unique circumstances of each fraud, financial savings to MPI ratepayer and “investigative excellence in unearthing the…