Fraud fighters aren’t prepared for the multi-billion dollar threat of global insurance fraud

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Nearly 60% of those tasked with thwarting the multi-billion dollar threat posed by global crime rings are not yet up to the task, reports a study by the Coalition Against Insurance Fraud, IBM and Luxoft.

The study surveyed financial crimes experts, data security analysts, government regulators, insurance professionals and others to better understand how anti-fraud experts from around the world are dealing with international fraud rings.

The research found that fraud fighters – professionals tasked with investigating and prosecuting insurance fraud – in North America were the least prepared for threats from abroad.

“Organized rings, both foreign and domestic, are stealing billions,” Coalition Co-Chair David Rioux of Erie Insurance said.

“We’ve seen organized scammers exploit the telehealth system; intercept personal information through phishing scams and other data harvesting schemes; carry out ransomware…

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