FDS is an evidence-based detection technology to automatically verify if a file or image is genuine. FDS provides evidence for fraudulent claims based on scientific methodologies.
THE CHALLENGE OF SOPHISTICATED FRAUD
Claims processing in the modern insurance space often remains a manual, inefficient and error prone operation. It can easily take a trained forensic expert 15 minutes to one hour per submitted claims document and might still be imprecise, leaving room for fraud in anything from 5% to 10% of all claims. On a global scale, this adds up to billions of dollars. Unfortunately, the business model of the insurance industry passes on this huge bill to the consumer. The temptation for policyholders to commit fraud is associated with the low risk for legal repercussions. If a claims handler decides to investigate a claim further, the policyholder often drops the claim, whereas the insurer generally will not take further legal action as the value of the claim compared to collecting evidence and the cost of legal action is too high.