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The changing face of fraud

Fraud is rapidly crossing over into other industries

By Todd Fannin | Updated on September 01, 2016
Fraud trends are changing and investigators are finding activities crossover into multiple industries.

Fraud affects every industry and companies serious about targeting fraudsters are taking some new steps to make it more difficult for them to succeed in their fraudulent endeavors. A recent study of more than 800 fraud mitigation professionals from the insurance, financial services, retail, health care, government and communications industries was conducted by the LexisNexis Fraud Defense Network in 2015 and 2016.

It looked at the impact of fraud that crosses industries to determine if there was evidence that potential perpetrators also committed other types of fraud. The overwhelming answer from insurance professionals was yes, evidence of cross-industry fraud exists in a majority of cases. Moreover, these cases have moderate-to-high financial repercussions.

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