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Despite its damaging consequences, life or funeral insurance fraud remains a relatively low-key subject in society. However, this type of fraud has the potential to ruin people’s lives and negatively impact the viability of insurance providers.
Don’t cut back on fraud and corruption reporting mechanisms during tough economic times, Dale Horne, head of Whistle Blowers, South Africa’s leading independent whistleblowing service provider, warned this week.
As we approach the end of the year, it is once again necessary to be more diligent and aware than normal when it comes to crime, warns the South African Insurance Crime Bureau (SAICB). “People are either more relaxed at this time of the year and are not as diligent, or they are simply in a rush and not paying enough attention to the risk of criminal activity,” says Hugo van Zyl, COO of the SAICB.
Online fraud is on the increase in South Africa, with criminals seeing individuals’ online banking accounts as particularly rich pickings.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?