Insurance fraud has always been a cost of doing business. What has changed is the speed, scale and sophistication with which it can now be committed.
Deepfakes, synthetic voice technology and artificial intelligence (AI)-generated images are reshaping the economics of fraud across insurance, forcing companies to deploy AI not as an efficiency tool but as a defensive one.
According to data cited by Fierce Healthcare, insurance fraud exposure is up to 20 times higher than in banking, with overall fraud expected to grow roughly 8% year over year. More troubling for insurers is the acceleration of AI-enabled fraud. Deepfake-related incidents, particularly those involving synthetic voices and identities, are projected to rise more than 160%, fueled by automated bot networks, emotionally persuasive synthetic voices and increasingly realistic image and video generation. The result is a fraud landscape where traditional red flags and manual review processes are no longer sufficient.
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