Keyword
fraud
Pandemic insurance fraud: What to watch for…
May 25, 2020 by Greg MeckbachInflated auto towing and storage claims and arson are among the risks the industry faces from the economic downturn and social distancing arising from the pandemic, a fraud and data analytics expert warns. “A legitimate accident may happen and [a…
Broker banned for committing insurance fraud
March 4, 2020 by David GambrillA B.C. broker has been banned from holding a licence for five years and fined $5,000 for committing insurance fraud. The province’s broker regulator, the Insurance Council of B.C., found that Martin Hroch submitted 74 false insurance claims for physiotherapy…
How to negotiate the nuanced world of email fraud coverage
March 3, 2020 by Jason ContantYour commercial client may think they are covered for all types of business email compromise (BEC) fraud automatically, but policy triggers are often nuanced, a speaker said recently at NetDiligence’s Cyber Risk Summit in Toronto. “The biggest misconception of our…
Industry to see single entity for anti-fraud services
February 6, 2020 by Jason ContantCanada’s national trade organization for private insurers has combined forces with a not-for profit organization to transition anti-fraud services into a single entity. Insurance Bureau of Canada’s (IBC) board of directors said in a press release Monday it has agreed…
Why phone evidence fell short in this triple-collision fraud lawsuit
January 7, 2020 by Greg MeckbachAn insurer suspicious about a vehicle accident obtains evidence that the occupants of the different vehicles were talking by phone to one another. But without knowing exactly who was talking and what the vehicle occupants were talking about, this type…
Deception Detection
December 6, 2019 Dan McKenzie, Principal Solution Architect, Financial Crimes, SASTechnology should enhance your anti-fraud strategy, not replace it. Here’s why…
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…