Finance & Banking , Fraud Management & Cybercrime , Fraud Risk Management
Insurance Fraudsters Mirror Tactics From Banking Industry
Panelists Discuss the Surge in Identity Fraud and Cybercrime in Insurance Sector
The insurance industry faces rapidly changing fraud tactics from sophisticated cybercriminals, and identity theft and synthetic fraud are becoming critical challenges. Experts discuss how cybercrime complicates fraud detection and share lessons the insurance industry can learn from banking.
See Also: The Rising Threat of Fake Business Accounts
"Insurance carriers are finding themselves up against very sophisticated, malicious cyber hackers ... affiliated with organized crime groups," said Michelle Rafeld, executive director of the Coalition Against Insurance Fraud. It's a perfect storm for fraud, she said, and a growing number of consumers view insurance fraud as acceptable.
Celeste Dodson, president of the International Association of Special Investigation Units, said that identity theft and synthetic ID fraud are happening "at a much higher, more skilled level."
In this panel discussion with Information Security Media Group, the experts also discussed:
- How advanced technologies affect fraud detection and prevention;
- The challenges in adapting banking sector strategies to the insurance industry;
- The importance of training and awareness in combating evolving fraud tactics.
Dodson leads the 4,000-member International Association of Special Investigation Units, focused on advancing excellence in the insurance fraud-fighting community through education, training, awareness and connection. She has more than 25 years of experience in the insurance industry and previously led insurance claims and underwriting operations.
Lenderman, who has more than 25 years of experience in the financial crimes sector, previously served as senior vice president of fraud prevention and investigations at Bank Mobile Technology. He is a member of the CyberEdBoard.
Rafeld, who leads the Coalition Against Insurance Fraud, previously served as assistant director with the Ohio Department of Insurance. She has more than 30 years of experience in the insurance field.
