‘Fraudsters’ Gaining On Insurance Industry, Expert Says

The fraudsters are seemingly remaining one step ahead of the good guys, and the financial services industry is perpetually a prime target. In an effort to forge a coordinated strategy against fraud networks, LIMRA is hosting its first Fraud Symposium today at its annual conference. Paul Henry, client relationship director for LIMRA/LOMA, will present new data on fraud prevention. For example, fraud costs to consumers from account takeover is estimated at $5 billion. “One of the things that we’ve learned is the fraud in the insurance space and in the retirement space is either not reported or it’s underreported," Henry explained.