Insurance companies face significant risks from fraud and identity theft due to their management of sensitive data and the unique verification challenges presented by their diverse clientele. The complexities of digital verification—especially for underserved populations—create vulnerabilities that fraudsters exploit. Effective customer identity access management (CIAM) solutions are essential, focusing on risk-based methods to enhance verification processes across multiple channels. Insurers must address weaknesses in their systems to prevent opportunities for identity-based attacks and strengthen security.
"Insurance companies are prime targets for fraud and identity-based attacks due to the vast stores of sensitive data they manage, making CIAM critical."
"Insurers must adopt a risk-based approach to identity access management, addressing vulnerabilities such as underserved users and cross-channel fraud threats."
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