ClaimScore

Fraud is on the rise, and AI is fueling the fire. 💥 In this Legaltech News article, our co-founder and COO/CPO Bryan Heller sheds light on the alarming trend of fraudsters leveraging AI to scale their operations. What once required manual effort is now automated, allowing them to submit a massive volume of fraudulent claims. It’s a stark reminder of the challenges we face in the digital age. But don't worry, we're at the forefront of combating this threat. Our advanced fraud detection solutions are designed to outsmart the bad actors. Great piece by ALM's Rhys Dipshan. #fraudprevention #AI #cybersecurity #claims #legaltech https://lnkd.in/e4sbqjVY

Many class action settlements have vague "indicia of fraud" exclusion clauses that lack transparency. This "group and slash" approach raises red flags. Ideally, backup data should involve a real-time review of each claim. This ensures informed decisions and protects the rights of unnamed class members. Claim fraud is a serious issue, but the solution shouldn't create a bigger problem. Evidence-based decisions with clear backup data address both fraud and fairness. As our own Donald Beshada explains, it's essential to ensure a fair and functioning class action process. #classaction #lawsuit #data #legal #legaltech https://lnkd.in/e6AEgBYi

Great conversations, insightful presentations, and a chance to connect with fellow legal professionals -- the NJ State Bar Association's 2024 Annual Meeting and Convention was a fantastic experience! Our co-founders, Donald Beshada, Bob Gallo and Bryan Heller (pictured), had the opportunity to discuss the future of #AI and class action claims validation and enjoyed learning from the many legal pros in attendance. We're feeling inspired and ready to put these learnings into action! What were some of your highlights from the conference? #NJStateBar #legaltech 

Thank you Robert Ambrogi and LawNext for covering our most recent funding round. ClaimScore is helping companies save hundreds of millions of dollars with our real-time, AI-based claim validation software - and we're just getting started! #classactions #claimfraud #AI #legaltech

Who's ready for the always popular #SetonHallLaw Happy Hour at the #NJSBA Annual Meeting tonight 5:30-7 pm at Gypsy Bar. Special thanks to our sponsor this year, ClaimScore! No registration required, but arrive early as there is always a line! Lori Thimmel Jamie Pukl-Werbel Kip Cornwell

Great piece by Reuters legal business reporter Diana Novak Jones, which shines a light on the massive impact fraudulent claims are having on class actions. As one recent example, Artsana sold roughly 875,000 car seats, yet court records show that it had received more than 3.3 million claims for payment.   Claims fraud is not a new problem, but it is an "existential threat" to the legal system, according to Christopher Chorba, a partner at Gibson Dunn who says fraudsters are siphoning money out of settlements and threatening the class action system itself.   Real-time claim validation is helping resolve the ever-expanding #claimfraud problem in #classaction settlements. In the Artsana case, ClaimScore helped eliminate over 8.9 million fraudulent claims, saving the defendant over $330M.    https://lnkd.in/esgytwSu

This week, our CPO Bryan Heller will be a panelist Angeion Group's Mega Summit. If you're attending, you won't want to miss his session, "Big Class, Big Data, Big Fraud" on Thursday, April 25 at the Biltmore Hotel in Miami. Hope to see you there! #AngeionMEGASummit

ClaimScore’s claim verification software was built in response to a massive spike in fraudulent claims being filed to class action settlement administrators "who were suddenly facing tens of millions of claims to sift through and validate." Leveraging #AI, including machine learning, ClaimScore uses a “multidimensional evaluation” method to look at each claim individually and in real-time to determine propensity toward fraud or legitimacy. Thank you Cassandre Coyer and ALM's Legaltech News for covering our recent funding news. Read more about how ClaimScore is helping #lawfirm and #claims administrators eradicate fraud and save their clients millions of dollars. https://lnkd.in/eZc9jN5X

Thrilled to announce ClaimScore recently closed $3.15 million in a seed round led by ROC Venture Group. Thanks to Lucinda Shen at Axios for covering this milestone as we further expand our capabilities to help law firms and businesses eradicate #claimsfraud in #classactions. ClaimScore's AI-based claims validation software has already helped companies avoid more than $340 million in fraudulent payouts. We are just getting started! https://lnkd.in/eCp6PcCA

Thanks to Doug Austin from eDiscovery Today for shining a light on the Altria class action settlement over Juul products, which highlights another side effect of #AI: fraudulent claims in class actions. Our own Bryan Heller recently delved into this topic in an article for Law.com, which looks at the exponential increase in fraudulent claims in class actions facilitated by generative AI. https://lnkd.in/gZwzcTS3 #genAI #classaction #legaltech