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Podcast of the Month: Uncovering a $230m Fraud
Sergei Magnitsky was a tax advisor tasked with investigating an audacious crime of fraud in Russia. What he discovered went all the way to the highest levels of the Kremlin and implicated police and officials in the biggest tax fraud case in Russian history involving $230 million. And the cost of this discovery was his…
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📢 Recognition from market leading analyst firm Aite 📢
In their latest vendor report on anti-fraud technologies in the insurance sector Aite have recognised Quantexa as a leader in this space, especially due the flexibility and scalability to support larger, more diverse and multi-line insurance companies. Examples of this include: "One of the key differentiators for Quantexa…
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Is insurance fraud getting displaced?
As we talk to insurers globally, one trend that we are seeing more and more is that fraud is getting displaced to other lines of business away from the traditional lines of motor and property. For example - during the COVID pandemic, in the UK when individuals / businesses had their claims refused for business…
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🏆 It's official we won at the Insurance Times Awards 2022! 🏆
We are really pleased to announce this win which is a testament to the effort, teamwork and innovation that is happening at Quantexa within the insurance sector. It is amazing to hear what the judges had to say about our work at Quantexa and to be recognised for the impact we are having on insurance company's loss ratios,…
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LET'S TALK FRAUD
Starting a thread to share some of the interesting, uncommon and maybe even a little bit weird Insurance Fraud stories we have seen & heard as well as discussing evolving new threats.....better awareness= better detection & prevention!! I know for a fact @shyamb has got a funny life insurance one, @Alex @Holly @Ross…
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Rise in application fraud for motor
Aviva have recently posted about a 16% increase in the level of motor insurance policy fraud (https://www.insurancebusinessmag.com/uk/news/auto-motor/aviva-warns-of-surge-in-motor-insurance-application-fraud-429065.aspx) One thing that really stood out is that with the cost of living crisis which is most likely going to…
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Why are networks so important in financial crime?
A question I get asked quite often is "why are networks so important in identifying financial crime?" Organised criminals have learnt to attack weaknesses in claim/application/quote systems to generate high value low-risk income. Often, legitimate identities are hijacked or bogus ones are created and typically these…