Solutions for Insurance Businesses

Auth N Tick Lost identity Service is a natural fit with insurance business, because like you Auth N Tick is helping protect your clients

Identity theft can be a real risk

The annual cost of identity crime in Australia is $2.2 billion and includes the direct and indirect losses incurred by government agencies, individuals and the cost of identity crimes recorded by police

Identity crime continues to be one of the most prevalent crimes in Australia, with recent surveys suggesting that around 4-5% of Australians experience a financial loss from identity crime each year

Identity Theft Risk
Estimated total

Direct and indirect cost of identity crime in Australia

The costs of preventing and responding to identity crime are estimated to be $390 million, bringing the overall economic impact of identity crime in Australia to approximately $2.6 billion per year.

In a 2016 survey, the Australian Institute of Criminology (AIC) found that 8.5% of respondents experienced some form of misuse of their personal information in the previous 12 months, with 4.9% of all respondents incurring out-of-pocket losses as a result of this misuse

Auth N Tick case study

IdentityIdentity check

Peter, 49, had worked as an accountant in a medium-sized company in the telecommunications sector for two years. He was known to be competent, quiet and unassuming, and fitted neatly into most people’s stereotype of the quiet accountant.

*Problem

Peter's boss, the chief financial officer, was head-hunted to a larger firm, and Peter was promoted to his job. It was a young company that had made a lot of money quickly. The chief executive officer (CEO) was an ideas man and trusted peter to look after the money side of things. Ten months after Peter took over as chief financial officer, regulations changed and five, new businesses entered the market. Peter informed the CEO and executive that, although the company was still profitable, profits were likely to be less than forecast. Some people noticed that Peter was driving an expensive new car.

Four months later, Peter left the company suddenly. Within days, the CEO was told that the company was in deep financial trouble. Twenty staff were made redundant that day, and the remaining 110 were told that their future was shaky. A consulting accountant quickly found that Peter had stolen nearly $2 million from the company and had hung on until the very last minute before it all came crashing down.

Solution

Peter's boss, the chief financial officer, was head-hunted to a larger firm, and Peter was promoted to his job. It was a young company that had made a lot of money quickly. The chief executive officer (CEO) was an ideas man and trusted peter to look after the money side of things. Ten months after Peter took over as chief financial officer, regulations changed and five, new businesses entered the market. Peter informed the CEO and executive that, although the company was still profitable, profits were likely to be less than forecast. Some people noticed that Peter was driving an expensive new car.

The matter was referred to the police. Peter could not be tracked down. Police soon found that he had given a false name to the company when he was recruited, and that most of the details on his CV were either misleading or false. Police discovered his true identity, but unfortunately Peter had left the country.

What check was missed?

  • Check identity
  • Check qualifications
  • Note significant unexplained changes in an employee's circumstances

Answer

  • Qualification check

*Source

Simple, Fast and Secure digital transformation and user experience

We have replaced the old 100 point identity verifications with AI, and you no longer need certified copies of identity documentation.