How Layered Protection Supports Insurance Identity Fraud Management
Conducting more business remotely adds to the challenges of recognizing fraud.
Fraud can range from hacking personal information to synthesizing new identities from existing elements.
Even accidental evasion, such as failing to update information, can increase insurers' risk exposure.
The first move is to examine the full profile.
Watching for fraud begins at the point of quote and application.
Attempts at rate evasion typically begin with quoting.
Established workflows should be reconstructed to fortify defenses against fraud.
Insurers can monitor the frequency and type of activity to better identify which traffic is human-generated versus automated web 'bots.'
Insurers that store data in segregated systems risk cutting off portions of their operations from threat warnings.
Insurance is built on trust, which can be put at risk by poor fraud defenses.