Canadian digital scams increasingly target insurance industry in first half of 2022 – InsuranceNewsNet and other news

Published by
Peter Kavinsky

Toronto, Ontario, September 22, 2022 (GLOBE NEWSWIRE) – According to TransUnion Canada TruValidate research found that for the second consecutive quarter, the number of suspected global digital fraud attempts in the insurance industry rose significantly year-over-year, up 159% from Q2 2021 to Q2 2022 (+125% due to Canada). This follows a global increase of 134% between Q1 2021 and Q1 2022 (+151% driven by Canada). Despite this increase in suspected fraud in the insurance industry, TransUnion’s (NYSE:TRU) Quarterly Fraud Analysis found that the overall rate of suspected digital fraud attempts across industries worldwide dropped by approximately -14% between Q2 2021 and Q2 2022. of the year. Canadaalleged digital fraud attempts decreased by 37% over the same period.

TransUnion there has been a decrease in the number of alleged digital fraud attempts from Canadatransactions in a number of industries, including: gaming (-66%), financial services (-52%), retail (-31%), telecommunications (-13%), travel and leisure (-6%) and logistics (-3 %).

Conversely, the only industries other than insurance that have seen an increase in suspected digital fraud attempts originating from Canada compared to last year, in the second quarter of 2022, communities such as online dating, forums, etc. (+10%) and gambling (+8%) were included. However, the types of fraud faced by each of these three industries were very different. The first-party app scam was the largest insurance-focused digital scam globally affecting the industry. This type of fraud includes fraudulent applications containing deliberately inaccurate or manipulated information provided by the policyholder with the intention of obtaining a certificate, lower rates, or better terms for a policy/contract. While other communities have been dominated by profile misrepresentation, where users post incorrect profile information and/or use fake profile photos.

“In recent years, we have seen scammers change their industry focus every quarter as they acknowledge that businesses have introduced more controls. These scammers are like chameleons, always adapting,” he said. Patrick BoudreauHead of Identity Management and Anti-Fraud Solutions at TransUnion Canada. “We saw interesting trends in the first half of 2022, with alleged fraudulent activity in the insurance industry skyrocketing during the first six months of the year. We currently believe there is a growing trend in the insurance industry for “soft fraud”, which is when an insured misrepresents certain information or circumstances in an attempt to lower a policy’s premium. Perhaps some consumers are misrepresenting their policies in an attempt to save money, especially with high inflation putting more pressure on their wallets.”

Digital fraud continues to be a constant in the lives of many Canadian consumers. The latest study by TransUnion Consumer Pulse found that about 3 in 10 (31%) Canadian adults reported digital scam attempts. And 7% were victims of scams such as phishing, identity theft, or other types of scams.

Suspected Digital Fraud Attempts to Move to New Industries Worldwide vs. Canada

Industry Rate change in Canada from Q2 2021 to Q2 2022 Change in the global rate from the second quarter of 2021 to the second quarter of 2022
Insurance +125% +159%
Communities (online dating, forums, etc.) +10% -eight%
Gamble +8% -fourteen%
Logistics -3% +13%
Travel and Leisure -6% -28%
Telecommunications -13% -12%
Retail -31% -28%
Financial services -52% -22%
Games -66% -63%

“The digital acceleration brought on by the pandemic has infiltrated industries that have traditionally operated offline, which scammers are trying to capitalize on,” Boudreau said. “At the same time, for industries where fraud cases are starting to stabilize, the focus has shifted to identifying ‘good’ transactions and allowing them to sift through them with less friction. For many industries and businesses, it is difficult to balance implementing the necessary security measures to help weed out potential scammers without creating friction for their real customers. Strong fraud and authentication methods can significantly reduce false positives and focus anti-fraud resources on the minority of interactions that require close scrutiny. By reducing manual reviews and customer surveys, organizations can significantly reduce costs, increase revenue, and improve the overall customer experience.”

About the study
TransUnion came to their business fraud findings based on information from billions of transactions and more than 40,000 websites and applications contained in its flagship suite of identity verification, risk-based authentication and fraud analysis solutions – TransUnion TruValidate. The percentage or level of suspected digital fraud attempts are those that TruValidate customers have either rejected or verified due to signs of fraud, compared to all transactions that have been assessed for fraud.

To see how recently the rate of alleged digital fraud attempts has changed globally and by region, which types of fraud are most prevalent in certain industries, and more, download the infographic.

O TransUnion (New York Stock Exchange: True)
TransUnion is a global information and analytics company that makes trust possible in today’s economy. We do this by providing useful information about each individual so that they can be represented reliably in the marketplace. As a result, businesses and consumers can transact with confidence and achieve greater results. We call it Information for Good.® TransUnion provides solutions that help create economic opportunity, great experiences and personal opportunities for hundreds of millions of people in over 30 countries. Our clients in Canada include some of the largest national banks and card issuers, as well as TransUnion is a major provider of credit reporting, fraud and analytics solutions to the financial, retail, telecommunications, utilities, government and insurance sectors.

Contact Emma Thiessen
Email mail [email protected]
telephone 647-523-1594


Source: TransUnion

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Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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