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February 25, 2019

Fraud Isn’t the Carrier’s Fault. Or Is It?

Have you ever, as a life insurance carrier, agency/agent, brokerage firm/broker, or technology vendor, gone onto Twitter or other social media and searched “life insurance + fraud”? It is amazing how many consumers are out there posting that life insurers have done them wrong or warning other consumers not to purchase a life insurance policy. The types of tweets that you find on Twitter...

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Samantha Chow

February 14, 2019

Application Fraud: Understanding and Addressing the Challenge

In recent years, application fraud has become a major problem for U.S. financial institutions (FIs). In 2017, Aite Group recognized application fraud as the second-greatest challenge FIs face in combatting fraud, trailing only account takeover fraud; this trend continues today. By 2020, application fraud losses related to demand deposit accounts (DDAs) are projected to exceed US$636 million, a...

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Shirley Inscoe

August 14, 2018

Aite Group’s Financial Crime Forum—Combating the Rising Tide of Fraud and Money Laundering

Bad guys beware! Many of the best minds in financial crime will converge in Charlotte, North Carolina, on September 27 for Aite Group’s Financial Crime Forum. The day will be filled with interactive panel discussions as financial crime and fraud executives from Bank of America, Citibank, U.S. Bank, Navy Federal, BBVA Compass, Ally Financial, and many more institutions tackle the following topics...

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Julie Conroy

May 21, 2018

Account Takeover, Application Fraud, and the Mobile Majority

In this age of unending data breaches, it is not surprising that identity crimes are the biggest fraud challenges facing financial institutions (FIs). In early April alone, Saks, Lord & Taylor, and Panera Bread announced that they had data breaches that went on for months and leaked millions of records from their point-of-sale systems or websites. The faceless nature of the online and mobile...

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Shirley Inscoe

February 23, 2018

News and Views: Automaker/Insurance Alliances, Connecting Customers and Annuities, and Fraud Detection

Matthew Josefowicz on automaker/insurer alliances and if OEM is the real usage-based insurance. Chris Eberly on connecting insurance customers and annuities. Rob McIsaac on public data sources and fraud detection.

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Robert McIsaac

February 23, 2018

Public Data Sources and Fraud Detection

As the world has gone ever more digital, the opportunities to create new products, new services, and better customer experiences have moved forward aggressively. An unfortunate consequence of the increasingly digitized experience, however, has been growth in fraud which can approach carriers from a variety of directions. Insurers are not alone in facing this, of course; higher transaction...

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Robert McIsaac

January 12, 2018

News and Views: Changes for Disability Insurance, Commercial Lines in 2018, and RPA Solutions for Fraud Detection

Rob McIsaac on DOL rule changes for disability insurance. Eric Weisburg on commercial lines in 2018. Jeff Goldberg on RPA solutions getting...

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Robert McIsaac

May 31, 2017

Balancing Fraud Prevention and the Customer Experience at Financial Institutions

Just a few brief years ago, financial institutions (FIs) weren’t really focused on the customer experience. With the exceptions of making sure ATM downtime was minimized, branches were staffed appropriately, contact center calls were answered within acceptable time frames, and the online banking system worked properly, bankers were just doing business as usual. The world has changed dramatically...

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Shirley Inscoe

October 6, 2016

Credit Card Fraud: Getting it Right

With data breaches reported nearly daily, it is no stretch to think pretty much everyone’s card information has been compromised at some point. Criminals typically use only a fraction of stolen card information, but this week, I was one of the (un)lucky ones to have my card compromised and used. The experience with my bank was, however, a very well-handled card fraud event that deserves to be...

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Ben Knieff

July 5, 2016

Card Fraud Happens to Everyone

After many uneventful years and diligent care of my data, I got hit with a card fraud, and a rather big one. One of my cards I use primarily for travel—it helps me keep expenses in one place and easily track them. Due to the limited use, I typically just pay the balance without much thought. Yes, I know I should be reviewing the transactions, especially as it is primarily a travel card, but we...

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Ben Knieff