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Many businesses choose to diversify their business operations as a means of hedging risk. Other businesses look to integrate diverse business interests into exciting new opportunities.
Organized crime may not be that much different. Over the past decade, organized-crime rings across the globe have been diversifying into a sophisticated form of crime that has the potential to dwarf old-school criminal activities such as narcotics trafficking, prostitution, racketeering, loan sharking and illegal gambling. The new kid on the block: insurance fraud.
Armed with sophisticated technology and easy-to-obtain personal consumer data, crime rings are targeting North American insurance companies across all lines of products (auto, property, healthcare, workers compensation, etc.) with high-volume scams designed to rake in millions of dollars annually. And increasingly, organized crime groups are connecting scams in one insurance category, such as fraudulent auto claims, with another, such as healthcare fraud, to increase the efficiency of their take.
Recognizing the growing threat of organized crime, insurance companies and law enforcement are taking notice and investing in the technology, personnel and training to confront this illegal activity. But the fight isn’t going to be easy. Finding insurance fraud amid an ocean of big data and demonstrating a return-on-investment (ROI ) on insurance fraud investigation efforts are but two of the big challenges facing insurance company investigators and law enforcement officials.
This white paper, brought to you by Thomson Reuters, explores the growing threat of organized crime in insurance fraud and how insurance companies and law enforcement are working to combat it.