A new analysis says insurance companies are particularly vulnerable to e-commerce fraud, and a recent report says a second round of data breaches has occurred at cities that use the Click2Gov application for payment of utility bills, parking tickets, and related municipal payments.
It’s practically an iron law that as industries convert to online commerce, fraud rises, and now this effect is turning up in the insurance business. According to news released Tuesday, an analysis of some 10 billion online transactions of all types conducted by risk-management firm iovation Inc. over the 12 months leading up to September led the firm to classify 5.09% as “risky.” But for the subset of insurance transactions, the risky percentage was nearly twice as high, at 9.14%.