Claims fraud has a debilitating impact on insurance company profitability – Aite Group estimates that claims fraud in the U.S. P&C industry alone costs carriers $64 billion a year. Yet many in the general public consider it to be acceptable to exaggerate their insurance claims, viewing claims fraud as essentially a victimless crime. This places insurers in an increasingly difficult position, as their efforts to detect and head off claims fraud may be at odds with initiatives to improve
Banks and financial institutions have begun to recognize more sophisticated exploits that not only target specific companies, but take advantage of specific vulnerabilities and target specific individuals within the organization.This webcast offers a closerlook at these attackers, their methods, and some ways to defend against them.Join ? Analyzing Security Data and Threat Intelligence to Identify Targeted Attacks In Banking,? webinar that will reveal how banks and financial institutions
Organizations face ever increasing threats from criminal activity. Although situations such as cyber attacks and phishing are frequently talked about, insider fraud still remains one of the weakest points for many organizations.
All employee activity leaves a trail behind in the data. If this data can be analyzed appropriately, insider activity can be detected. However this is not necessarily a trivial task.
Detection of insider fraud whilst maintaining low false positive
Banks can significantly reduce their bad debt levels and collections expenses, by identifying first-party fraud cases before they reach collections. Advanced network analytics is the key to early detection and prevention of threats before they result in large losses.
First-party fraud occurs when customers apply for credit cards, loans, overdrafts or other un-secured banking credit lines with no intention of paying. Often these customers will collaborate with bank employees to assist
World-wide credit card fraud losses continue to rise at an alarming rate. Counterfeit activity resulting from cards compromised at either ATM or POS, continues to damage consumer confidence and industry revenues. Major data compromise incidents, potentially resulting in significant fraud losses and which place large numbers of accounts at risk, are becoming more commonplace.
Despite the industry?s repeated attempts to build more secure systems and better analytical models, fraudsters