The intentions of the minds behind the chargeback system were obviously the fairest. Nevertheless, the very system has soon become a great environment for fraud, losses caused by it reaching almost 1.5% of the total merchants’ revenue. While there are companies specializing in chargeback prevention, there are things you as a merchant can do yourself to prevent these losses. Why are chargebacks so attractive to fraudsters? Probably the answer lies in the very history of it. Originally, the chargeback procedure was developed in the 1980s, when credit cards were just…
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Health Care Reform: The Real Issue
Everywhere someone is talking about Health Care Reform… politicians, consumer groups, and the media. Big insurance carriers have become a target and are disparaged repeatedly for continuing to raise premiums. While everyone focuses on health insurance reform, no one looks at what causes these sky high increases: the rising cost of health care. According to the Centers for Medicare and Medicaid Services, by 2019 health care spending will near $4.4 trillion. The California Health Care Foundation reported that health care spending is rising three times faster than inflation. Additionally, Medicare spending is…
Read MoreSAS wins innovation award for insurance fraud prevention technology
SAS® Fraud Framework for Insurance recognized by Strategy Meets Action (SMA) Business analytics leader SAS was recognized by leading insurance strategic advisory firm Strategy Meets Action (SMA) with its SMA Innovation in Action award for SAS® Fraud Framework for Insurance. This honor spotlights how new technologies can help modernize, optimize and innovate insurance practices. “SAS, the winner in the IT solution provider category for SAS Fraud Framework for Insurance, provides a cutting-edge solution by combining key next-generation technologies to help insurers detect and prevent both opportunistic and organized claims fraud,”…
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