Insurance Fraud
Insurers confront privacy risks in AI fraud fight
Insurers confront privacy risks in AI fraud fight
As AI transforms fraud detection, insurers face ethics and data protection challenges.
Singapore scams fall with 791 new insurance cases reported
Victims lost about $16.6m (S$21.3m) in total.
Insurance fraud worldwide estimated to exceed $80b annually in 2025
Asia-Pacific reported a 22% year-on-year increase in fraudulent claims in 2023.
China launches tip-off portal for insurance fraud reporting
Informants may receive a one-time reward ranging from$27.8 to $27,427.
China cracks down on 300 insurance fraud rings
Over 40 operations have led to investigations into 1,400 cases since April 2024.
SFC permanently bans former specialist for insurance fraud
Chan was sentenced to 20 months' imprisonment on 2 February 2024.
Insurance fraud detection market to hit $31.8b by 2032
APAC demand for fraud detection tech surges.
MAS crackdown exposes dishonesty amongst ex-agents
These agents were representatives of Prudential and Manulife.
Hong Kong Insurance Authority warns public of bogus calls
The callers are pretending to be staff from the IA to gain private information.
MAS charges insurance agents for breach of Financial Advisers Act
Their offences included falsification and providing false information.
FSS to take tougher measures on screening of suspicious insurance cases
The South Korean regulator said this is to reduce fraud in the industry.
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AI isn’t replacing insurance, it’s finally making it work