Western Alliance Bank’s subsidiary Digital Disbursements, the leading digital payments platform for the class action legal industry and part of the bank’s Juris Banking Group offering, announced that their Anti-Fraud Triangle innovation, developed in partnership with ClaimScore, a data-driven fraud prevention software solution for class action settlements, has been selected as American Banker’s Innovation of the Year in the Cybersecurity and Fraud category. The prestigious award recognizes 2024’s most groundbreaking and influential technology-focused innovations, and the teams that brought them to life at banks, financial institutions and fintechs.
The Anti-Fraud Triangle was developed in response to the 19,000% surge in fraudulent class action and mass tort claims, which skyrocketed from approximately 400,000 in 2021 to more than 80 million in 2023. The integrated platform combines the respective services offered by Digital Disbursements and ClaimScore, with the variety of tools offered by the particular settlement administrator in any given case to detect and prevent waste, fraud, and abuse. The integrated solution is far more effective than the sum of the individual components: in 2024 alone, the Anti-Fraud Triangle identified and prevented more than 800 million fraudulent claims. Had all of those claims been approved, the bad actors would have received well over $100 million in fraudulent payouts.
“We are deeply honored by this recognition, which comes at a time when innovative fraud protection strategies are needed more than ever,” said Digital Disbursements Founder and Co-CEO Jeff Richardson. “Thank you to American Banker and to our partners, who entrusted us with the implementation of a modern, claimant-first solution, which was made possible through our collaboration with ClaimScore. The Anti-Fraud Triangle has endless potential both within and outside the settlement space, and we will continue to capitalize on its innovative capabilities.”
Digital Disbursements and Western Alliance Bank recently released their third annual “Digital Payments in Class Actions and Mass Torts” report, which revealed that the number of claims with significant indicia of fraud in 2024 dropped for the first time on record after the dramatic increase between 2021 and 2023.
