XTND is the proud owner of VERITAS. A web-based analytical tool identifies high-risk insurance and medical aid claims based on historical and existing claims experience relating to fraud, waste, and abuse. Any institution needs to change faster than fraudsters by using cutting-edge tools and building fraud prevention into every step of the transaction chain. VERITAS is a live system that refreshes and updates the fraud models as new data is received from various assurers. VERITAS uses sophisticated machine learning predictive models and fraud detection business intelligence rules to automatically sort claims. This gives each claim a personalized propensity for fraud risk score.

XTND is a well-established, South African-owned company with extensive experience in fighting white-collar crime and corruption. Our forensic specialists are internationally certified as Certified Fraud Examiners with expertise in fraud and corruption prevention, detection, and response strategies. For over a decade, we have adopted policies, processes, standard operating procedures, and several industry-leading initiatives to maximize the value-add to the forensic community, industry bodies, and the South African economy. XTND is a corporate member of ACFE SA, the professional body for forensic practitioners. XTND’s forensic specialists believe that risk management in the current era and business environment can only be effective with a proactive approach using proactive solutions. XTND has been building and developing some of the best and most powerful software systems and models for detecting fraud for a decade.

FAQs Archive

Q: Can insurers deliver simple and effective digital experiences while outwitting fraudsters?

To answer this question, you might consider one or more of the following important recommendations: Select an integrated fraud management solution. Raise your fraud intelligence by focusing on data quality and velocity. Encourage internal and external data sharing for smarter fraud response.

Q: What is the least expensive phase for fraud detection during a policy's life cycle?

Fraud occurs at all stages but is most likely to be detected during the marketing stage. Every stage of the policy life cycle is susceptible to fraud. For instance, misrepresentation and fraudulent documentation are most likely to occur during claims and portfolio management. However, all types of fraud are most likely to be detected during the marketing phase, as the insurer looks to acquire a new customer. Detecting fraud at this stage is necessary for the business; being able to prevent fraudulent claims and losses down the road means this is the least expensive phase for fraud detection. But it’s also a concern, as it means that fraud is going undetected in other stages, especially during the claims stage. In fact, the largest gap between occurrence and detection rates for all types of fraud exists in the claims stage. This leaves insurers open to fraud from people who focus on other steps or who can get past the initial marketing step without being caught.