The extent of insurance fraud requires that carriers band together tocombat a scourge that experts say costs carriers in excess of $100 billionannually. The Fraud Defense Network is one example of industry cooperationin an ongoing battle to fight insurance fraud.Founded in 1994, the Fraud Defense Network is an online destinationthat links insurance companies, third-party administrators and governmentagencies. Its mission is to assist in the prevention, detection andinvestigation of fraudulent activity primarily by maintaining onlineinvestigative databases and providing members with the opportunity to shareinformation. More than 450 organizations participate in the Fraud DefenseNetwork, including 39 insurance companies.
The Fraud Defense Network currently has more than 7 million life,health and disability claims in its database. For a fee of $1,000 a month,insurance companies have access to the organization's 11 databases,including the Insurance e.Canvas database. This tool uses push technologyto alert all members when a carrier makes a specific request forinformation.
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