International Fraud Awareness Week kicks off November 13, 2023 worldwide. The political and economic uncertainty around the world is creating huge challenges for businesses and individuals. And the growing threat of fraud is adding to these challenges, not just for these organisations, but for the financial services industry too.
The City of London’s Insurance Fraud Enforcement Department (IFED) recently confirmed that reported cases of opportunistic fraud from March 2022 to April 2023 rose by 61% from the previous period, with motor insurance fraud (51%) being the most common type, followed by property insurance fraud (29%).
CRIF has been working to support insurance companies and financial institutions tackle the threat of fraud for decades, which is why it is participating in International Fraud Awareness Week (November 13-19, 2023) as an active supporter to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard individuals and businesses from the growing fraud problem.
CRIF has been supporting the UK market for over 25 years and has built up a thorough understanding of fraud patterns, a know-how of use cases, and an suite of fraud detection and investigation services named Sherlock. It combines artificial intelligence, proprietary machine learning techniques, an insurance fraud analytics engine and expert rules to help insurers identify fraud.
For financial providers, CRIF offers a fully secure, digital onboarding process to enhance first contact with new customers, ensure onboarding is as smooth and engaging as possible, and guaranteeing a compliant identification process. CRIF also delivers workshops, meetings and proof of concepts to help clients discover new types of fraud, and test new solutions on the market.
Sara Costantini, Regional Director for the UK & Ireland at CRIF and regular commentator on combating fraud, said: