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

Today Latest News Update

I have tried to give all kinds of news to all of you. latest news today 2022 through this website and you will love all this news very much because all the news that we always report in this news is always there. This is a hot topic, and whatever the latest news

we have always tried to contact you so that you continue to receive Electricity News, Graduation News, Donation News, Bitcoin News, Trade News, Real Estate News, Gaming News, Breaking News, Digital Marketing, Telecommunications News, Beauty News, Banking News, Travel News, Health News, Cryptocurrency news, claims news latest news and you will always get news information through us for free and also tell people. Specify that any information relating to other types of news will be

News live today

All these news that I made and shared for you people, you will like it very much, and in them we continue to offer topics for you people, like every time, so that you continue to receive news information, such as popular topics, and you. Our goal is to be able to receive

all kinds of news without passing through us, so that we can bring you the latest and greatest news for free, so that you can move on, getting informed about this news with you. In the future, we will continue

give information about more world news update today Types of breaking news through the posts on our website so that you always get ahead in this news and whatever information is there, it will definitely be passed on to you people.

World news today

All this news that I brought you or will be the most different and best news that you people will not receive anywhere, along with information Breaking News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News out of this, available to all of you, so that you are always in touch with the news, be ahead in this matter and continue to receive today’s news all types of news for free until today so you can get news while getting it. Always take two steps forward

Credit goes to a news site – This is the original content owner’s news website. This is not my content so if you want to read the original content you can follow the links below.

Get original links here🡽

s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘2132904400372276’);
fbq(‘track’, ‘PageView’);

Peter Kavinsky

Peter Kavinsky is the Executive Editor at

Recent Posts

  • News

The oldest monument is the last to go out. How Czech monuments plunged into winter and darkness due to the energy crisis | House

<!----> One of the most visited Czech monuments, Karlštejn Castle, was exceptionally illuminated last week.…

54 seconds ago
  • News

Nobel Prize in Medicine awarded to Swedish biologist – DW – 03.10.2022

Nobel Prize in Physiology or Medicine for 2022 awarded to a Swedish biologist Svante Paabo.…

2 mins ago
  • News

Buffalo Schools Want to Eliminate Retirement Health Insurance for Future Teachers [The Buffalo News, N.Y.] – InsuranceNewsNet and other news

Oct 3 - Buffalo Public Schools budget is around $55 million in each of the…

5 mins ago
  • News

Ukraine’s armed forces shot down a Russian Su-25 attack plane in the Kherson region

In the Kherson region, one of the Yug Air Command units shot down a Russian…

6 mins ago
  • News

Frightened by the counter-offensive of Ukraine’s armed forces in the Kherson region, all Novoaleksandrivska community employees fled

Center for Investigative Journalism this was told by the inhabitants of the villages of the…

7 mins ago
  • News

The Ministry of Defense announced the withdrawal from Krasny Liman to more favorable positions

Russian troops leave Krasny Liman.A picture: Alexander KOTSMany experts now consider Zelensky a victim. The…

10 mins ago