The cost of fraud to property and casualty insurance carriers has continued to increase, with recent estimates at more than $30 billion. This keeps pace with a national trend across all industries, hastened in recent years with the advent of the Internet, which has helped to fuel fraud related to stolen or compromised identities. It is not clear what portion of insurance fraud is related to identity theft, but the potential is there and growing as the industry moves toward online services where personally identifiable information (PII) is more vulnerable and often times easily accessible to those with malicious intentions.
In recognition of the important threat from identity-related fraud, today LexisNexis Risk Solutions released an Identity Fraud Prevention Playbook that provides insights and actionable recommendations for organizations from four sectors and government to protect themselves and their customers from identity fraud. The playbook is the cornerstone of a new campaign for Fraud Awareness Week featuring new content and leveraging social media channels to spread the word about identity fraud prevention.
The efforts are being driven by the LexisNexis® Fraud Defense Network, a first-of-its-kind initiative that links organizations across industries with resources and information to promote fraud prevention. Fighting identity fraud is a cross-industry imperative, and it’s important that we connect professionals and organizations across industries to share knowledge and best practices.
To that end, LexisNexis Risk Solutions is collaborating with five of the most significant fraud-fighting associations – the Association of Certified Fraud Examiners, the Coalition Against Insurance Fraud, the Identity Theft Resource Center, National Health Care Anti-Fraud Association, and the R-CISC: Retail Cyber Intelligence Sharing Center – to develop new content and tap social media channels to promote anti-fraud awareness and education. Keep your eyes open for #StandUpToIDFraud and #Fraudweek tagged content and feel free to join the conversation.
Organizations need the kind of information and resources we are providing because traditional identity management and verification tools are no longer capable of fending off the onslaught of highly sophisticated fraud methods.
We hope you will join us in the global effort to minimize the impact of identity fraud this week. We encourage you to visit our microsite and download the Identity Fraud Prevention Playbook as a good starting point to learn about what you can do to help mitigate fraud.