Keyword
fraud
Tool can help insurers ensure document authenticity
December 20, 2017 Jason Contant, Online EditorAn Ontario-based property inspection and analysis company will soon publicly launch a product that could help carriers verify the authenticity of an insured’s photos, files and forms. The Image and Document Upload System (IADUS) uses specific features to help insurance…
Ontario targets auto fraud with new prosecutors’ team
December 5, 2017 Greg Meckbach, Associate EditorAuto insurance fraudsters are the target of a team of new and dedicated prosecutors and investigators announced by the Ontario government Wednesday. The province said it plans to set up in the spring of 2018 what it calls the Serious…
Are your clients covered for social engineering fraud?
November 27, 2017 Greg Meckbach, Associate EditorBrokers should not assume that a client who has bought a cyber or crime policy is covered for the risk of innocent employees who are duped into making fraudulent money transfers. ‘Social engineering fraud’ is a broad term describing scams…
Why an insurer invites mandatory fraud reporting
November 23, 2017 Greg Meckbach, Associate EditorInsurers in Canada should have no choice but to report to fraud to law enforcement and to industry peers, be it is claims for healthcare services that were not provided or bills for repairs that were never done, an Aviva…
Fraudulent e-mail a ‘real big deal’ in cyber risk
November 16, 2017 Greg Meckbach, Associate EditorThere is plenty of competition in the cyber insurance market but placing a cyber product suitable for a client “can be a challenge” because different insurers offer different products, the author of a recent report suggested Thursday. International Risk Management…
Cybercriminals capitalizing on blockchain popularity to create fraud schemes: Kaspersky
November 6, 2017 by Canadian UnderwriterCybercriminals are capitalizing on the popularity of blockchain technology by circulating cryptocurrency-themed fraud schemes, according to cybersecurity company Kaspersky Lab’s Spam and Phishing in Q3 2017 report. “While cryptocurrency holders search for new investment opportunities and bitcoin enthusiasts look to…
Supreme Court rules against Canadian banks in lawsuit arising from cheque fraud
October 30, 2017 by Canadian UnderwriterDespite a warning from lawyers that banks could be made “insurers against cheque fraud perpetrated by employees on their employers,” the Supreme Court of Canada announced Friday it has ruled against two banks that were sued by a company that…
Protection against cheque fraud losses one purpose of Bills of Exchange Act: Banks
October 23, 2017 by Canadian UnderwriterIf the Supreme Court of Canada restores Friday a 2014 ruling made by the Ontario Superior Court of Justice, Canadian banks would be made “insurers against cheque fraud perpetrated by employees on their employers,” argue two Big 5 Canadian banks…
Cross-industry fraud increasing: LexisNexis Risk Solutions study
October 19, 2017 by Canadian UnderwriterToday’s criminals are more sophisticated than ever, as cross-industry fraud is occurring in 84% of polled cases, a new survey of fraud mitigation professionals has found. The third annual LexisNexis Fraud Mitigation Study surveyed 800 fraud mitigation professionals from the…
Aviva Canada beefs up identity theft offering to protect customers
October 3, 2017 by Canadian UnderwriterAviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a…
Brokers placing fidelity coverage should be ‘involved early on’ in fraud investigations: RIMS speaker
September 26, 2017 Greg Meckbach, Associate EditorRisk managers dealing with internal fraud investigations need to get brokers and carriers involved early in any fraud investigation, regardless of whether or not criminal charges are being pursued, and ensure that evidence is preserved, RIMS Canada Conference speakers suggested…
Deep learning to help drive fraud predictions by 2019: Gartner
September 20, 2017 by Canadian UnderwriterDeep learning – a variation of machine learning (ML) – will be a “critical driver for best-in-class performance for demand, fraud and failure predictions” by 2019, research and advisory company Gartner, Inc. suggested on Wednesday. Deep learning represents the major…