Upswing in fraudulent claims drives demand for Canadian claims administrators and law firms
POMPTON LAKES, N.J., Sept. 26, 2024 /PRNewswire-PRWeb/ -- ClaimScore, the industry's first and only provider of AI-based, real-time claim validation software, today announced its successful expansion into Canada. This strategic move was driven by an upswing of fraudulent class action claims throughout North America while strengthening ClaimScore's footprint and underscores its commitment to providing advanced backend validation and data analysis capabilities for class action claims on a global scale.
The expansion project required meticulous adherence to data sovereignty regulations, ensuring all data remained within Canada's borders. ClaimScore successfully navigated this complexity by obtaining licensing agreements with international data providers and securing substantial cloud architecture assets in Canada. The result is a seamless and secure solution that empowers Canadian businesses to manage class action claims efficiently.
"We're thrilled to extend our reach to Canada and bring our class action claim expertise to a wider audience," said Bryan Heller, co-founder and COO of ClaimScore. "This deployment demonstrates our commitment to delivering innovative solutions that meet the unique needs of each geographic market."
Fraudulent claims have skyrocketed, with over 80 million claims in 2023 showing "significant" signs of fraud — an alarming increase of more than 19,000% since 2021, according to a recent report issued by Western Alliance Bank and Digital Disbursements.
"The explosion in fraudulent claims across North America heightens the risk for defendants in class action lawsuits as they face the potential for runaway costs and claims that far exceed initial estimates," said Don Beshada, founder and CEO of ClaimScore. "Our proprietary AI and machine learning spots fake claims, so real ones get paid faster and more fairly."
ClaimScore's expansion into Canada is particularly significant considering the challenges of deploying backend validation and data analysis systems in different regions.
"In Canada, fraud in class action distributions has become much more prevalent and sophisticated. ClaimScore was able to fulfill our data security and geographic restriction requirements, while providing their data-driven, backend analysis. The software's ability to detect sophisticated fraud patterns and provide backup data to highlight those patterns was impressive. We look forward to partnering with them going forward," said Linda J. Visser, a partner at Siskinds LLP.
ClaimScore has overcome these hurdles, solidifying its position as the sole provider of such comprehensive solutions for class action claims in both the U.S. and Canada.
About ClaimScore
ClaimScore is a pioneering technology company specializing in backend validation and data analysis for class action claims. With a focus on accuracy, efficiency, and innovation, ClaimScore offers the first and only tested and validated AI and machine-learning-based anti-fraud software solution for class action settlements. Designed to provide a transparent, efficient, and cost-effective approach to the claims process, ClaimScore's real-time solution is the gold standard in the class action fraud industry. For more information, visit us at claimscore.ai.
Media Contact
Erin Harrison
203-610-9492
Media Contact
Erin Harrison, LIMELIGHT, 1 203-610-9492, [email protected], https://limelightgrowth.com/
SOURCE ClaimScore
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