One of the big industry challenge to insurers over the next year will be mitigation of fraud. Not only are fraudsters becoming ever more sophisticated, but the rise of the cost of living is going to sadly incentivise more people to commit opportunity fraud. With that in mind here is our recommended hitlist for what a modern anti-fraud team should be doing.

1. Application Fraud
- ID theft (including ghost broking)
- Velocity rules (quote activity, manipulation, removal disclosures)
- Stop lists (previous fraud detected)
- Payments (bank account name vs list of drivers)
- Validation (CUE, NCD, MyLicence, etc.)

2. Post-Sale Defences
- Position on PCW purchased from (is anyone selling from 20th place?)
- Session counts (IP & MAC address)
- Website behaviour (bot activity)
- Sales cross check (has the same bank account been used?)

3. Claims Fraud
- Behaviours (voice & video stress testing)
- Identity (people or vehicle/object seen before?)
- Activity (how is the claimant engaging?)
- Evidence (are the right number of people in the car?)

4. Innovation
- Identification of new types of fraud to build automated defences
- Improving internal systems to catch more activity
- Better collection of missed premiums
- Pricing team collaboration to build impact into pricing models

If you wish for support in upgrading your anti-fraud activity then please contact us for a discussion. I'll leave you with Midjourney's view on what "insurance fraud" looks like. Not sure why there are so many umbrellas...