Tag Archives: fraud

Why Older Adults Become Fraud Victims More Often

Brain shows diminished response to untrustworthiness, UCLA scientists report

Why are older people especially vulnerable to becoming victims of fraud? A new UCLA study indicates that an important clue may lie in a particular region of the brain that influences the ability to discern who is honest and who is trying to deceive us.

Older people, more than younger adults, may fail to interpret an untrustworthy face as potentially dishonest, the study shows. The reason for this, the UCLA life scientists found, seems to be that a brain region called the anterior insula, which is linked to disgust and is important for discerning untrustworthy faces, is less active in older adults. (more…)

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Transforming America by Redirecting Wasted Health Care Dollars

Eliminating excessive spending could mean windfall for U.S., study suggests

The respected national Institute of Medicine estimates that $750 billion is lost each year to wasteful or excessive health care spending. This sum includes excess administrative costs, inflated prices, unnecessary services and fraud — dollars that add no value to health and well-being.

If those wasteful costs could be corralled without sacrificing health care quality, how might that money be better spent? (more…)

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Using IBM Analytics, Santam Saves $2.4 Million in Fraudulent Claims

Analytics Software Enhances Insurer’s Ability to Resolve Claims Faster

Johannesburg, South Africa – 09 May 2012: IBM today announced that Santam, South Africa’s leading short term insurance company, has saved $2.4 million on fraudulent claims in the first four months of using IBM business analytics software. The analytics software has enhanced Santam’s fraud detection capabilities and also enabled faster payouts for legitimate claims.

“IBM and OLRAC-SPSolutions have helped us build a solution that has not only transformed our claims processing methodology in terms of speed and efficiency, but also provides new insight which helps us identify false claims more quickly, which protects our business and customers,” said Anesh Govender, Head of Finance, Reporting and Salvage at Santam. “The solution has delivered a full return on investment and also helped uncover a motor insurance fraud syndicate in less than 30 days after the system went live.” (more…)

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