Fraud Prevention
Fraudulent claims for bodily injury, theft, and property damage in the United States totaled about $40 billion in 2001. That’s billions more than the most expensive natural disaster in history — and it’s a catastrophe that strikes every year.
ISO is at the forefront in the fight against fraud.
- ISO collects and maintains more than 480 million records of individual insurance claims — in a single database. That information helps law enforcement agencies and state fraud bureaus investigate and prosecute fraud.
- ISO offers visualization software to let investigators find and visually represent hidden relationships, such as parties linked to multiple addresses, telephone numbers, vehicles, or claims. Such relationships can be the fingerprint of fraud.
- ISO provides automated fraud protection, compliance, application verification, property valuation, and decision-support tools for the mortgage industry.
An ISO study on fighting fraud
During the past decade, insurers, federal and state law enforcement agencies, state and local governments, and industry groups have marshaled their resources to identify and combat fraud. The Insurance Research Council and ISO conducted a survey to learn what insurance companies are doing to fight fraud. The resulting report shows that insurers of all sizes continue to be active players in the fight
against fraud. The Internet has enabled companies to share information about suspicious claims with each other and has raised the prospect of sharing with law enforcement and financial institutions.
State and federal laws have strengthened the ability of insurers to identify suspect claims, to report successful investigations to law enforcement, and to help prosecutors win convictions.
Follow the link to learn more about the study: Fighting Insurance Fraud: Survey of Insurer Anti-Fraud Efforts.