Allianz Prevents 29% More Fraud And Announces Partnership With Clearspeed

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In 2023, Allianz witnessed a significant 29% surge in fraud prevention within their personal lines business compared to the previous year. This encompassed a wide range of insurance fraud, including motor claims, home claims, and application fraud. Notably, fraudsters employed new tactics, such as ghost brokers enticing victims into fraudulent insurance policies.

The insurance industry is currently grappling with an ever-changing landscape of fraud tactics, as fraudsters continuously adapt their methods to perpetrate new scams. One such scam involves the increasing prevalence of moped crash for cash fraud and the proliferation of shallow fakes. Instances of using apps to manipulate real-life images, videos, and documents skyrocketed by 300% from 2022 to 2023, indicating a concerning upward trend in insurance fraud.

To illustrate, an individual's van picture was posted on social media for legitimate business purposes. However, fraudsters exploited this image to fabricate a false accident claim, providing manipulated images of the vehicle and a counterfeit repair invoice. LV='s fraud team successfully exposed this scam by detecting the image manipulation.

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