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For the second quarter in a row, the insurance industry saw the largest year-over-year growth in digital fraud attempts with an increase of 159% from Q2 2021 to Q2 2022, according to TransUnion's latest quarterly fraud analysis report. In Q1 2022, the insurance sector saw a 134% growth in digital fraud from Q1 2021. The only other industry that saw an increase in digital fraud from Q2 2021 to Q2 2022 was logistics – a field which is impacted most by shipping fraud – with a 13% jump.
The most common type of insurance fraud, they found, involved first-party application. First-party application fraud occurs when a person submits an application to an insurer containing false or manipulated information in order to receive certification, a lower rate or better terms for a policy.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
