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For many, the holiday season marks a time for unwinding, spending time with family and perhaps being a little more generous than usual. In our industry, it also means higher-than-normal volumes of applications, claims and transactions that need to be handled by year end. These personal and professional distractions can make it easier for fraud attempts to slip through the cracks.
“The scams that we get all year long are the same scams that happen around the holiday season,” said Donna Gregory, head of the IC3 unit of the FBI. “It’s just that people are more apt to maybe fall for them during the holidays.”
Fraud has already made plenty of headlines this holiday season.
Unfortunately, the Naughty List goes on and on. In fact, the Identity Theft Resource Center reports that 791 breaches took place in the first half of the year alone, setting a half-year record. And there is expected to be a dramatic 30% increase in omni-channel fraudulent activity compared with this same period last year, according to ACI Worldwide. Identity theft, account takeover, and friendly fraud continue to be the biggest challenges.
To help you spot and deter fraud this holiday season, we have included in the sidebar some fraud-related red flags as a reminder. This list was originally presented during the fifth annual RGA Fraud Conference, which took place this past August.
If you’re interested in learning more about the latest fraud tactics and prevention methods, save the date for the 2018 RGA Fraud Conference, taking place August 19-21, 2018, in St. Louis, Missouri.
Here are a few fraud red flags to look out for this holiday season and throughout the new year:
Interested in the full list? Click here to check out our Fraud Red Flags for Life Insurance.
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