Is insurance fraud in decline?
Thu, 25/10/2012 - 10:15am
According to a press release from Experian, a leading global information services company, attempted fraud in the insurance industry fell by 16% between April and June 2012.
10 out of every 10,000 applications for insurance products were found to be fraudulent and this is down on the same time last year where 12 in every 10,000 applications were found to be fraudulent.
What’s more, 86% of insurance fraud attempted between April and June was committed by first party fraudsters.
However, not all in the financial services industry are seeing a decline in fraud. Experian revealed that the mortgage industry saw a 23% jump in attempted fraud rates in the same period, savings accounts saw a 109% increase and current account fraud grew by 2% remaining the most targeted financial product, with 43 in every 10,000 applications found to be fraudulent.
Experian provides data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.