3 MYTHS ABOUT DIGITAL IDENTITY
Stop digital fraud
from hurting your bottom line, reputation, and operations. Digital identity is evolving.
Digital identity fraudsters are attacking insurers’ digital quotes & onboarding.
Sources: Federal Trade Commission, 2.22.2022.; Coalition Against Insurance Fraud, 2021 State of Insurance Fraud Technology Study; PaymentsJournal, Ari Jacoby, “A New Frontier of Fraud: Synthetic Identity Fraud,” 5.6.2022.
Why are insurers being targeted with digital fraud?
Online quoting has become essential to digital insurers’ success. But as the industry’s digital presence has grown, so has the target on its back: digital fraud is up 134% from Q1 2021 to Q1 2022 across the industry. That’s more than any other sector surveyed. Want more details on why insurers are easy targets? Check out the TransUnion Quick Guide below.
INDUSTRY | INSURANCE
Get TransUnion’s Quick Guide on digital channel vulnerabilities for insurance
Digital fraud is up 134% from Q1 2021 to Q1 2022 across the industry.
Identify risk and prevent fraud for insurers with behavioral analytics.
By analyzing how data is inputted inform forms in real-time, behavioral analytics enable insurers to increase friction for risky applicants and fast-track legitimate applicants.
Auto insurer catches quote bots using behavior
A top online digital insurance provider caught nefarious bots crawling their site. These bots were trying to triangulate rates provided by the insurer.
Stop spending on bad actors
Segment genuine customers from bad actors before applicants even press submit. NeuroID’s behavioral analytics and real-time API inform decisioning for insurers, lenders, fintechs and FI’s.
NeuroID doesn’t use, store, or collect PII.
Fraudsters can’t steal data that isn’t there. Because personal information on applicants isn’t collected, NeuroID gives peace of mind to insurers and provides a new lens into who’s who. Most PII is compromised, but behavior is impossible to fake.
Digital fraud is up 134% for insurers.
Coordinated fraud rings see insurers as easy targets.
Even beyond the damage of singular fraud attempts, sophisticated, coordinated fraud rings are also honing in on opportunities provided by digital insurers. Threading the online-needle between customer security, convenience, and privacy is no small feat. But it is a competitive and customer-service imperative.
Digital fraud is evolving, and quickly. Can insurers keep up?
PII is increasingly compromised. Data breaches abound, and all that personal information is circulated, folded into synthetic identities, and used to get quotes for fraudsters. Whether or not companies can keep up with fraud will separate the winners from the others in the increasingly digital landscape.
Interpreting point-in-time behavioral data keeps insurers ahead.
Secure growth means a secure future. By reading digital body language of applicants, insurers can optimize data and underwriting costs, identify risk sooner, compare genuine vs. fraudulent applicants, visualize user in-quote behavior and mitigate fraud.
ITC CONNECT
Sept 20-22 in Las Vegas
Meet with NeuroID insurance experts at ITC Vegas for an in-depth look and demo into interpreting and analyzing your users’ behavioral data.
View the DNA of 5 large-scale fraud ring attacks.
