The Institutes

Monitoring Social Media For Fraud

 Thursday, December 1, 2022

 Risk Management Magazine

Social media connects brands and businesses to their target audiences, driving greater awareness, revenue and loyalty. Among social media users, 86% follow brands and 57% are more likely to buy from those brands. Social media conversations also provide a real-time window into customer sentiment.

Unfortunately, fraudsters also use social media’s speed, reach and ease of audience engagement to impersonate trusted brands and scam their customers. This poses a serious reputation risk to these brands.

To protect their customers and reputations, companies need to make active brand monitoring part of their social media activities.

In 2021, social media scams accounted for a quarter of all reported fraud losses in the United States, costing victims $770 million, according to the Federal Trade Commission. This represents an eighteen-fold increase since 2017.

Nearly half of those social media fraud losses involved social commerce, where companies use social media platforms to market and sell products and services.
FraudRisk Management

Making the Case for Early Mediation

 Thursday, October 20, 2022

 CLM Magazine

How To Use Social Media Data In Underwriting

 Tuesday, April 12, 2022

 Insurance Thought Leadership

Mitigating Employee Social Media Risks

 Monday, October 4, 2021

 Risk Management Magazine

Social Media, The Undoing Of Another Insurance Fraudster

 Tuesday, September 8, 2020

 Reading Eagle

Social Media Addiction Is The Downfall Of Comp Fraudsters

 Tuesday, November 7, 2017

 Business Insurance

Fraud Investigation & Litigation, Starring Social Media

 Wednesday, June 22, 2016

 Claims Management

Fraud Investigators Combing Social Media To Expose Scams

 Wednesday, February 4, 2015

 CBS News

Insurers Come To Grips With the Opportunities and Risks of Social Media

 Tuesday, October 19, 2010

 Insurance & Technology