Fighting fraud – the FICO way
13 March, 2012 Leave a comment
MALAYSIA’S insurance industry, which has generally experienced a healthy growth rate, is no longer immune to the volatility of the global and domestic financial market.
One of the key and lesser known side effects of such uncertainty is the rising risk of fraud, and criminals who think that they can get away with it.
Sadly, it is the Malaysian consumers who suffer the consequences in the form of higher insurance rates.
Insurance fraud losses are rising in markets across the globe, with insurers experiencing higher incidents of opportunistic fraud as well as premium leakage.
It is said that up 20 per cent of insurance claims have fraudulent elements in them