"There is some fantastic technology out there, which is making our lives so much better in many ways," said Matt Crabtree, head of financial crime intelligence and investigation strategy at Allianz. "However, the sad reality is that fraudsters are using this same technology for their own illegal purposes and to target innocent members of the public to make a profit, with total disregard for the impact to the victim." (Credit: Piman Khrutmuang/Adobe Stock)
Insurance fraud costs the property and casualty insurance industry about $45 billion annually, according to the White Collar Crime Research Task Force at Colorado State University Global. These losses include homeowners, auto and commercial insurance, and American families foot some of the bill, paying up to $700 more per year to cover fraudulent claims and inaccurate applications. Now, fraudsters are using AI to manipulate images for fake claims. AI-related insurance fraud is up by 300% in all areas of insurance, according to an investigation by Allianz UK.
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