SPARK Institute & LIMRA Join Forces To Strengthen Fraud Prevention In Retirement Services & Life Insurance Industry

Today LIMRA and the SPARK Institute announced a strategic collaboration designed to enhance fraud prevention measures within the retirement services industry.

As financial fraud continues to evolve in sophistication and prevalence, the collaboration between the two organizations seeks to establish industrywide initiatives to better combat fraudulent activities.

“The evolving landscape of financial fraud demands a proactive and collaborative response from the industry,” said Tim Rouse, executive director of the SPARK Institute. “Our partnership with LIMRA will strengthen the industry’s collective defenses, protect the interests of our members and ensure the long-term security of retirement assets for the millions of American workers that depend on us.”

The partnership will focus on four key areas to fortify the industry’s defenses and protect both companies and consumers.

  1. Fraud Prevention Benchmarking Study: The collaboration will kick off with a comprehensive Fraud Prevention Benchmarking Study in the first half of 2024. The goal is to provide industry participants with valuable insights into the current state of fraud prevention practices. This study will serve as a foundation for identifying best practices, gaps in existing strategies and areas for improvement within the sector.
  2. Industry and Consumer Fraud Awareness Education: LIMRA and the SPARK Institute will work together to develop and disseminate educational resources targeting both plan sponsors and participants. By enhancing awareness and understanding of emerging fraud threats, this initiative aims to empower individuals and organizations to proactively safeguard against fraudulent activities.
  3. Fraud Incident and Threat Intelligence Sharing Among Industry Members: Recognizing the importance of real-time information sharing, the collaboration will use industry platforms, such as LIMRA’s FraudShare, for members to exchange fraud incident and threat intelligence. This cooperative approach will enable organizations to stay ahead of evolving fraud tactics and enhance their collective ability to detect and prevent fraudulent activities.
  4. Financial Services Fraud and Data Security Summit: LIMRA and the SPARK Institute plan to establish a Financial Services Fraud and Data Security Summit. This annual event will bring together industry experts, thought leaders and other key stakeholders to share insights, discuss emerging trends and collaborate on innovative solutions to more effectively combat fraud.

“We are excited to collaborate with the SPARK Institute on this vital initiative,” said Russell Anderson, head of Financial Crimes Services, LIMRA and LOMA. “By combining our expertise and resources, we can drive meaningful change in fraud prevention, foster a culture of vigilance and ultimately protect the integrity of the retirement industry.”

LIMRA and the SPARK Institute invite industry stakeholders, policymakers and media representatives to follow their progress and participate in these critical initiatives to fortify the financial services sector against the growing threat of fraud.

For more information, please contact Tim Rouse at tim@sparkinstitute.org.

About SPARK Institute
The SPARK Institute represents the interests of a broad-based cross section of retirement plan service providers and investment managers, including members that are banks, mutual fund companies, insurance companies, third-party administrators, trade clearing firms, and benefits consultants. Through the combined expertise of its member companies, the Institute provides research, education, testimony, and comments on pending legislative and regulatory issues to members of Congress and relevant Government agency officials. Collectively, its members serve approximately 100 million participants in 401(k) and other defined contribution plans.

About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence.

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