Fraudulent activities in the banking and money transfer sectors are on a worrying ascent, with predictions pointing to a 153% increase by 2029. As the industry faces the innovativeness of fraudsters wielding artificial intelligence (AI), financial institutions are in an unprecedented situation—the
The adage "crime doesn't pay" holds particularly true in the realm of insurance, where the deceptive practices of a dishonest few can have a ripple effect across an entire industry. In Canada, group health and dental insurance fraud—though often unseen—is a pervasive issue that ultimately costs
The ever-evolving landscape of insurance fraud has propelled the industry toward a technological revolution, and at the forefront of this battlefield is artificial intelligence (AI). As fraudsters become increasingly sophisticated, insurance companies like Zurich Insurance Group are leveraging AI
The health insurance industry stands at the cusp of a revolution, with artificial intelligence (AI) paving the way for transformative change. As technology advances, the efficiency and precision with which insurance companies operate have witnessed unprecedented improvements. Particularly, AI's
EPIC's Allegations The privacy watchdog EPIC has filed a complaint with the FTC against Thomson Reuters's "Fraud Detect" software, arguing that its faulty fraud predictions could erode public trust. The tool analyzes a range of personal data, including individuals’ shopping and social media
The US healthcare system is under significant financial strain due to Medicare fraud, with billions in losses every year. Traditional methods of manual checks are unable to cope with the vast number of claims, making the detection of fraudulent activities incredibly challenging. Artificial
