Solutions – Insurance Fraud Case Study
Providing a real-time customer liveness check that allows you to check which mobile numbers are no longer active
Read case study >Addressing the vulnerabilities in insurance sign-ups and claims through mobile insight
Insurance fraud is committed by both organised criminals and opportunistic individuals, exploiting loopholes in the trust-based nature of the industry. Fraudulent policies and claims result in billions in losses, increasing costs for insurers and honest customers alike. As fraud tactics evolve, insurers must find new ways to validate policyholder information and detect suspicious claims before payouts occur
Fraudsters take advantage of weak identity verification processes when signing up for insurance policies. Ghostbroking, falsified personal details, and synthetic identities are common tactics used to obtain policies illegitimately. Without accurate, real-time identity validation, insurers risk approving fraudulent policies that will later result in fraudulent claims
Fraudulent mobile insurance claims often rely on false reports of lost, stolen, or damaged devices. Without visibility into mobile activity, insurers struggle to confirm whether a claimed device was truly lost or whether the claimant’s mobile details align with the provided policy information. Identifying fraudulent claims requires access to real-time mobile intelligence
Fraudsters create fake policies using fabricated or stolen details, often selling them to unsuspecting victims. With mobile identity, insurers can verify if the person signing up truly owns the number provided
Fraudsters exploit sign-up offers by quickly opening and canceling multiple insurance policies. Mobile intelligence detects rapid policy changes linked to the same number, flagging suspicious behaviour before fraud occurs
Invalid or outdated contact details often indicate fraudulent policies. Mobile intelligence validates policyholder information to ensure accuracy and flag potential fraud
Verify confirms that the mobile number provided at policy sign-up is active, valid, and linked to the correct policyholder, reducing the risk of fraudulent policy creation
Talk to a Verify expert > Learn more about Verify >
Score evaluates the history and activity of mobile numbers in real time, flagging suspicious numbers associated with fraud, such as burner phones or recently recycled numbers
Talk to a Score expert > Learn more about Score >
"Phone number verification plays a critical role in helping to detect and prevent online fraud. TMT ID’s TeleShield product provides easy access to global mobile data, enabling us to enhance the actionable results of our MaxMind minFraud® services."
"BTS (Business Telecommunications Services) is successfully using TMT’s Velocity and Live services to check the status of mobile numbers. This way we make sure we optimize the performance of the service offered to our customers and ensure the quality of terminating traffic to all countries.”
"Working with TMT’s TeleShield service has expanded our ability to detect fraud and minimise the risk to our business. TeleShield brings peace of mind and the opportunity to stop fraud before it affects our customers’ bottom line or the service."
"LATRO relies on TMT’s TeleShield to provide the most up to date and reliable numbering qualification information within our fraud reporting tools, enabling us to protect our customer’s revenues and empowering them to defend themselves against fraudulent numbers."
"TMT is a valued partner that enables us to manage our routing costs effectively. They proactively and continuously expand their operator and country coverage while delivering exceptional customer service. We can always count on them to achieve high-quality results and look forward to our continued collaboration."
"TMT provides us with the most comprehensive numbering intelligence data through their fast and reliable Velocity and Live services. TMT is a trusted partner for us, their products ensure that we continue to optimise the best performance and service to our customers."
"TeleShield from TMT gives 42com the power to detect and target telephony fraud scams internationally, thereby protecting our company from the financial and customer experience impacts of telecommunications fraud."
"It has been a pleasure to work with the team at TMT. They have become an essential provider of accurate numbering data information and Number Portability services globally."
"Deutsche Telekom Global Carrier uses TMT ID as one of their key suppliers for Mobile Number Portability Data services. Deutsche Telekom Global Carrier uses TMT ID’s Velocity MNP solution. This is an ultra-fast query service that optimises the routing of international voice calls and A2P messaging."
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