According to Sumsub’s report published on BusinessWire, in 2022, fraud has dramatically increased in five countries, with 5.1% in the USA alone. The report stated that fraud in the banking sector has increased nearly 100%. Account takeovers and chargeback fraud are popular schemes used by…
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For insurers, inaccurate claim reserves can lead to staggering loss ratios and insolvency concerns. With funds being allocated to these reserves before there is any report of a potential loss, the margin for error can be catastrophic. According to McKinsey, there was approximately a $30…
Quantifying potential risks in future customers, clients, policies, and premiums can oftentimes feel like a gamble for financial service and insurance companies. In 2021 the insurance industry experienced a $3.8 billion net underwriting loss in property and casualty claims alone, and an 11% increase in…
In the financial industry, it is very common for customers to fail to pay on time, either on an occasional basis or on a regular basis. Payment delays can result in both collection and interest losses for financial institutions. Financial services can mitigate risks with…
Financial institutions must follow critical guidelines to avoid risk. This may be true, but credit unions and banks may limit their growth potential for businesses or even prevent their members from taking full advantage of their products and services. Discover patterns that would otherwise be…
In July of 2022, the Department of Justice announced criminal charges related to “ghost patients” for more than $1.2 billion in alleged fraudulent telemedicine, cardiovascular and cancer genetic testing, and durable medical equipment schemes. Additionally, the Centers for Medicare & Medicaid Services, and Center for…
7-10% of patients are misidentified when their EMPI and EHR records are being researched. The American Health Information Management Association reports that 8-12% of EHR records are duplicates. Preventable medical errors are the third leading cause of death in the United States, causing an estimated…
Banks and credit unions are in a constant battle to maintain the loyalty of their members. Member attrition is discovered only after the customer has switched institutions. According to a study, repeat business contributes to over one-third of revenue for more than half of the…
