Reducing Insurance Fraud Through Enhanced Identity Verification

Overview

According to the FBI, the insurance industry loses $40 billion per year to fraud. In fact, approximately 20 cents of every insurance premium dollar goes to covering the cost of fraud.

Proper customer authentication can mitigate these insurance fraud losses while also creating a safer and faster onboarding experience for customers.

Read this whitepaper from GIACT to better understand:

  • The prevalence and impact of insurance fraud schemes on U.S. consumers and businesses
  • Various and evolving types of insurance fraud schemes
  • Vulnerabilities of single point solutions in the fight against insurance fraud
  • Best practices for enhanced identity verification solutions