Biometrics 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…
Technology 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…
A major insurer is calling for new laws prohibiting various forms of auto insurance fraud in Ontario. “As an industry we need a new set of provincial offences that will allow for the efficient and effective prosecution of fraud,” said…
Insurance fraud is again in the news, after a Moncton, N.B. man was sentenced to 30 days in prison and 18 months probation for illegally intercepting two insurance cheques sent to an Aviva Canada insured. Just how prevalent is cheque…
Cell phone records proved to be the deciding factor in an insurance fraud case in which a B.C. driver falsely claimed that his truck had been stolen. Parker Winterbottom, 22 at the time, reported to police in October 2011 that…
Blockchain for insurance has various oft-touted benefits – reduced costs and simpler and faster transactions, among them – but it can also be used to combat fraud, said David Verbeeten, a domain expert in insurance at software company ConsenSys. Verbeeten…
If an insurer has proof a claimant is committing address fraud, there are several weapons they have in their arsenal to fight it, an insurance lawyer said Tuesday. The first thing the insurer should do is ask the underwriting department…
Insurers looking to verify a claimant’s address should focus on bank, credit card and cellphone records, an insurance defence lawyer said Tuesday. Andrew Grayson, a lawyer specializing in insurance defence litigation with Regan Desjardins LLP, called those records the “Big…
Manitoba Public Insurance Corporation (MPI) is reporting an increase in auto insurance fraud, including false claims for income replacement benefits. “Disturbingly, the corporation’s special investigation unit is seeing an increase in fraudulent activity,” the province’s public auto insurer reported Friday.…
In the wake of an undercover investigation that allegedly caught collision repair centres deliberately damaging vehicles, Aviva Canada is pushing for discounts for vehicle owners who agree to use an insurer’s accredited body shop. Such a discount would require a…
Ontario’s move to establish a new Serious Fraud Office (SFO), which would help crack down on auto insurance fraud, is widely — if cautiously — praised as a step in the right direction by the province’s property and casualty industry.…
Auto 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…