Emerging scams like moped fraud and shallow fakes pose new challenges to insurers, so more sophisticated detection systems are crucial
Allianz’s personal lines business saw a significant increase of 29% in its efforts to prevent fraud in 2023 compared to the previous year. This covers various types of insurance fraud, including motor and home claims, application fraud, and the alarming trend of ghost brokers using deceptive tactics to trap unsuspecting victims into fake insurance schemes.
Fraud is constantly evolving, so fraudsters are adapting quickly to exploit new opportunities.
This includes emerging scams like moped "crash for cash" fraud and the use of shallow fakes, where apps distort real-life images, videos, and documents. Incidents involving the manipulation of media through apps surged by 300% from 2022 to 2023, indicating a potential major threat to the insurance sector.
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