Financial crimes in life insurance are on the rise: survey3 min read 27 Feb 2018, 05:17 PM IST
In a survey conducted by EY, almost 40% of the respondents stated that data leakage andcybercrime are one of the biggest financial crime riskstoday
With increasing interactions with third parties, greater complexities around data privacy controls, technological advancements and increasing use of life insurance products as a lever for money laundering, the propensity for financial crime has enhanced significantly. The vulnerable areas in the sector are not limited to “claims" or on-boarding.
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