New white paper explores the growing presence of organized crime in insurance fraud
Each year, U.S. insurance companies lose $80 billion to non-medical insurance fraud, and organized crime accounts for a piece of the action with a growing number of well-organized, lucrative insurance scams. For example, in February 2012, federal authorities busted a no-fault auto insurance scam in New York orchestrated by the Russian Mob that netted $275 million in staged car crashes and fake injuries.
A new white paper by the Fraud Prevention and Investigations team at Thomson Reuters titled, Detecting and Investigating the Growing Presence of Organized Crime in Insurance Fraud, offers a look at how organized crime groups have found a new source of revenue in insurance fraud and how insurance investigators and law enforcement counter this emerging threat.
The free white paper, which includes perspectives from an executive director from the Coalition Against Insurance Fraud, a director from the National Insurance Crime Bureau, and a government analyst and product manager from Thomson Reuters, is available to download on the CLEAR website.
“What insurance companies and law enforcement agencies are beginning to realize is that technology and data analytics are worth the investment to help them work smarter and more efficiently,” said Andy Russell, vice president, Fraud Prevention and Investigations.