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Fraud in the property sector has become alarmingly common in recent years. With substantial sums of money on the line, increasingly sophisticated scams have made easy targets of buyers and sellers, as well as various property practitioners like estate agents and conveyancers.
Insurers are embracing digital transformation programmes to keep customers at the centre of their business. However, insurance fraud and related crimes have become a growing concern in today’s connected landscape. This is where fraud analytics has emerged as the first line of defence to safeguard data and systems while enabling business leaders to make real-time decisions on claims recovery to reduce leakage.
When the pressure to digitise due to the pandemic dovetails with the enforcement of particularly stringent regulatory requirements, the pressure on businesses to acclimatise at pace becomes exponential. In the finance sector, covid restrictions, remote work and compliance with the Protection of Personal Information Act (PoPIA) became a tall order.
The strongest deterrent against FSP compliance missteps is or should be: