Surge in synthetic ID and Al fraud threatens UK insurance

The UK insurance sector continues to experience a surge in fraudulent activities, leading to significant losses for insurers. The rise in fraud has been attributed to advances in technology, increased use of digital channels and the economic downturn caused by the Covid-19 pandemic.

Not least are the significant concerns held among members of the insurance community about the uptick in opportunistic fraud, the rise in synthetic identity fraud and the increasing fraud risks that Al presents to the insurance industry, specifically as natural language processing Al such as ChatGPT, Bard and Ernie get rolled out.

Oleg Zadalia, principal solutions consultant for LexisNexis Risk Solutions, explores the most critical findings from the Insurance Post Fraud Survey Report 2023.

Topics covered include:
• Synthetic identity fraud continues to rise.
• The opportunistic fraudster.
• Data and technologies perceived to be missing from fraud workflows.
• What sectors/business lines is fraud most prevalent right now?
• The increasing threat of Al.
• Leveraging advanced data and fraud detection solutions.