They may use a fictional name, or falsely take on the identities of real, trusted people such as military personnel, aid workers or professionals working abroad.
When people cheat insurance companies out of money, the honest people that pay premiums pay through increased insurance costs. You can help stop insurance fraud by contacting your state department of insurance and giving as many details as you possibly can about the fraud that you witnessed.
Consumers should learn to be vigilant in identifying insurance fraud by becoming familiar with the 10 most common forms of fraud.
Stolen Car There are two ways that criminals perpetrate the stolen car insurance fraud scam. The first type of stolen car fraud is when a car owner sells his car to a body shop to be cut up for parts and then reports the car as stolen. The body shop is in on the fraud, so the authorities are never told about the sale for parts.
The second most common way that criminals commit stolen car fraud is to sell the car to an overseas buyer, make the transaction without any paperwork, ship the car overseas and then report it stolen.
Car Accident The next time you see a car accident, you could be watching insurance fraud in action. In most cases, the driver and accident victim are the only ones in on the scheme. In other cases, the driver, victim, insurance investigators and even some of the bystanders that give statements are in on the fraud.
The value of the vehicles is greatly inflated and the insurance payoff is for two totaled vehicles. Car Damage Any form of insurance fraud is illegal and damaging to the insurance company.
Some people will report a small car accident, get an estimate for damages, collect the insurance check and then not get the car fixed.
This is single most common form of auto insurance fraud going on, and it happens constantly.
The people doing it see no harm in it, but the money the insurance company pays out comes from premiums paid by other customers, which will go up the more often this fraud is committed. Health Insurance Billing Fraud Unfortunately, health care professionals will sometimes get in on the insurance fraud act.
For example, you may go in for a regular check-up but your doctor decides to bill your insurance company for an in-office surgical procedure that never happened.
The patient is the victim of fraud and does not even know it. Unnecessary Medical Procedures If it seems like your doctor is ordering you to go for unnecessary testing, then you may be the victim of insurance fraud.
If you go to the doctor for a sore arm but your doctor orders a series of blood tests that have nothing to do with your arm, then that could be a common form of insurance fraud.
Staged Home Fires Homeowners insurance fraud costs insurance companies and their customers billions of dollars each year. One of the most common form of homeowners insurance fraud is the staged fire or act of vandalism.
This can be done in one of two ways. The homeowner either removes important family items before the fraud takes place, or the homeowner makes sure that the insurance company knows the value of the expensive items and then has them destroyed.
In almost every case of a staged home fire, the homeowner is not home and can account for his whereabouts when the event took place. Criminals are hired to set fire to the home, or break in and vandalize the home to make it look like the homeowner was victimized.Why there are so many scam outsourcing companies in India that make cold calls and loot foreign citizens on the phone?
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