{"id":15967,"date":"2019-06-24T08:57:00","date_gmt":"2019-06-24T12:57:00","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/fighting-fraud-is-the-new-neighborhood-watch\/"},"modified":"2019-06-24T08:57:00","modified_gmt":"2019-06-24T12:57:00","slug":"fighting-fraud-is-the-new-neighborhood-watch","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/06\/24\/fighting-fraud-is-the-new-neighborhood-watch\/","title":{"rendered":"Fighting Fraud Is The New Neighborhood Watch"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurancenewsnetmagazine.com\/images\/inn_default_logo.gif\" class=\"ff-og-image-inserted\"><\/div>\n<p>\nIt seems as though we hear about fraud everywhere today \u2014 credit card fraud, fraud against seniors, insurance fraud. It\u2019s as prevalent as ever.<\/p>\n<p>\nFraud is also a significant concern for consumers and companies; one in four American consumers is a victim of financial fraud. According to LIMRA research, <span>79% of consumers are concerned about financial fraud, with 36% admitting that they are very concerned.<\/span><\/p>\n<p>\nWhat is fraud, anyway? At LIMRA and LOMA, we define \u201cfraud\u201d as \u201can intentional act of deception or misrepresentation, resulting in financial or other losses for consumers and companies in the course of seemingly legitimate business transactions.\u201d<\/p>\n<p>\nConsumers believe preventing fraud should be a higher priority for more companies. Our research shows more than two-thirds of consumers wish companies would tell them more about their current efforts to combat fraud, and more than three-quarters believe that financial service companies should do more to protect retirement accounts from fraudulent activity. It\u2019s a situation that worries companies and customers alike.<\/p>\n<p>\nNot only are fraud attacks in the financial services industry on the rise, but the frequency of fraud attacks and their level of sophistication are increasing. That\u2019s according to LOMA\u2019s 2018 report \u201cCurrent State Of Fraud In Life Insurance, Annuities And Retirement Plans.\u201d As financial services firms are particularly vulnerable to fraudulent schemes, keeping up with increasingly sophisticated criminals is one of the greatest challenges facing the financial services industry today. Successful fraud prevention does not create competitive advantage; rather, it is an industry problem that demands cooperative industry solutions. An attack against one is a threat to all.<\/p>\n<p>\nOur members are concerned and recognize the need to come together and take an offensive stance against the common enemy. Last year, LIMRA and LOMA initiated the formation of an organized community among our member companies to do just that.<\/p>\n<p>\nIn June 2018, we brought a community of fraud experts from 32 U.S. member companies together in Windsor, Conn., to begin this important conversation and define a common defense. A few months later, we hosted a groundbreaking hackathon where 30-plus fraud prevention experts and developers from member companies participated in the creation of an industrywide fraud prevention platform.<\/p>\n<p>\nThe result? <span>FraudShare, an information-sharing and alert system that provides our members with alerts on fraud<\/span> scheme threat levels, industry fraud experience benchmarks and access to a community of fraud prevention professionals.<\/p>\n<p>\nThe system ingests data about fraud incidents from participating companies into a secure, centralized database. It then analyzes the data and generates real-time alerts to designated users, including those in charge of fraud prevention, special investigations and customer-facing operations at member companies. The FraudShare database and alerts are highly actionable, simplifying a user\u2019s fraud prevention efforts.<\/p>\n<p>\nOn its surface, FraudShare is a fraud information clearinghouse and alert system. But it is also a means of connecting fraud prevention operatives from across the industry. FraudShare is founded on the principle that we are stronger together.<\/p>\n<p>\nLike a good neighborhood watch, <span>FraudShare members can look out for each other and protect the industry at large.<\/span> It is an innovative, easy-to-use tool for cross-industry communication about the types and frequency of account takeover fraud taking place in individual life, individual annuity and retirement plans. Built with input from a cross-section of the insurance and retirement industries, and a governance committee made up of 10 companies, FraudShare is made by the industry, for the industry.&nbsp;<\/p>\n<p>\nAs we come together to fight the common enemy, financial services companies also have an opportunity to come together with their customers. There is a lot on the line for everyone involved, from both a financial and a reputational standpoint. It\u2019s no longer a question of if a fraud attempt will be made, but when.<\/p>\n<p>\nHow companies prepare their customers for a fraudulent attack and how they work with them afterward could be important factors directing the future of their relationship. Financial service companies know that increasing customer security is the most important part of their fraud prevention work. However, if customers in their neighborhood don\u2019t feel more secure, the anti-fraud work may very well miss its mark.<\/p>\n<p> <a href=\"http:\/\/insurancenewsnetmagazine.com\/article\/fighting-fraud-is-the-new-neighborhood-watch-3704\">Read the original article at InsuranceNewsNetMagazine.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It seems as though we hear about fraud everywhere today \u2014 credit card fraud, fraud against seniors, insurance fraud. It\u2019s as prevalent as ever. Fraud is also a significant concern for consumers and companies;&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/15967"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=15967"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/15967\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=15967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=15967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=15967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}