Reflecting on the biggest telehealth fraud in DOJ history (2020) & how to confidently sidestep it in 2021 and beyond.
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The pandemic in 2020 has exacerbated the problem of fraud and abuse in the banking industry. This article identifies the specific fraud trends that banks had to look out for in 2020, helping you to prepare for future risk.
The advent of Telehealth and Telemedicine have resulted in a proliferation of these instances. How do we deal with this altered environment? How do we stay ahead of the curve of emerging new fraud strategies?
We sat down with Porsche Westlake’s Service Director, Sam Abregel, to address 8 categories of warranty fraud to watch out for. Given the vast amount of transaction data and the presence of anomalous patterns indicating fraudulent activity in these categories, there is a huge opportunity to harness predictive analytics and machine learning models.
Fraud has been causing rising challenges for businesses. Over 72% of businesses cite fraud as a growing concern, and about 63% of businesses report the same or higher levels of fraudulent losses over the past 12 months according to a report by Experian Global. The challenge is not just about preventing fraud, but figuring out how to predict it before it happens, so it can be prevented from happening at all. But before we make strategies to combat fraud, it’s important to understand the barriers associated with fraud detection strategies.
We’re living in an era of extreme automation, high transaction volumes, and a highly connected world where it’s so virtually easy for fraudulent transactions to hit any business. To protect your business from fraud schemes and bad actors before they can cause significant damage, detecting fraud patterns is essential and a huge payoff when done in real-time.
Effective fraud detection and financial control initiatives leverage advanced analytics and machine learning techniques to derive valuable and actionable information for managers. Today’s enterprises churn out humongous volumes of data but are still unable to use most of that data in its raw form. The task of acquiring, cleansing, shaping, and bending the raw operational data for analytics or other business purposes is known as data preparation.
Continuous monitoring (CM) and continuous auditing (CA) systems provide real-time monitoring and reporting of business processes, activities, and transactions. This could largely benefit CEOs, COOs, and board members who are concerned with the risking risk, regulation, and costs in their organization.
