Globlue Technologies’ Post

"But perhaps more troubling were the results of a recent coalition study that found about 15% of those surveyed didn't view insurance fraud as a crime, with a large number saying committing insurance fraud was acceptable and something in which they would be willing to engage." If you're a carrier, how are you dealing with #insurancefraud? Are you leveraging #behavioraldata yet? ForMotiv #behavior #behavioraldataanalytics #insuranceinnovation

There are two types of insurance fraud, premeditated and opportunistic. Understanding what those are and the different methods criminals use to attempt to defraud the insurance industry is key to mitigating the fraud. Whether the insurance fraud is opportunistic or premeditated, it’s important to be aware that insurance crime always has a victim. It has real physical, emotional and financial consequences. Understand more about opportunistic vs premeditated fraud at Équité Association’s resource library: https://lnkd.in/gFqmugA3 #scamsleavelastingscars #insuranceresource #insuranceindustry #fraudprevention

Insurance fraud is a major issue in the United States, with some estimates suggesting that it could cost the industry more than $300 billion annually. However, it's not just insurers who are affected. Fraudulent claims can lead to higher premiums and a sense of injustice among honest policyholders. Customertimes recently conducted a survey of 2,000 Americans to better understand the prevalence of fraudulent claims and the motivations driving them. The results are eye-opening: 1 in 5 participants admitted to considering insurance fraud. Check out the full article to learn more about this pervasive issue and its impact on both insurers and consumers. #insurance #fraud #survey #Customertimes

💼 Multi-Million Dollar No-Fault Insurance Fraud Scheme Uncovered Four individuals have been charged in a complex no-fault insurance fraud scheme that defrauded millions of dollars and involved extensive money laundering. The defendants are accused of exploiting the no-fault insurance system to orchestrate fraudulent medical claims and disguise illicit proceeds. This case highlights the ongoing battle against large-scale insurance fraud and the legal system’s commitment to holding those responsible accountable. #InsuranceFraud #MoneyLaundering #FraudPrevention #Justice https://lnkd.in/eTGac9uM

💼 Multi-Million Dollar No-Fault Insurance Fraud Scheme Uncovered Four individuals have been charged in a complex no-fault insurance fraud scheme that defrauded millions of dollars and involved extensive money laundering. The defendants are accused of exploiting the no-fault insurance system to orchestrate fraudulent medical claims and disguise illicit proceeds. This case highlights the ongoing battle against large-scale insurance fraud and the legal system’s commitment to holding those responsible accountable. #InsuranceFraud #MoneyLaundering #FraudPrevention #Justice https://lnkd.in/eTGac9uM

Cities with the Highest Insurance Fraud Incidence in 2023: An analysis reveals the U.S. cities most affected by insurance fraud, with Atlanta leading and diverse factors contributing to the issue across the nation. #Fraud #Legislation #Regulation #RiskManagement #InsuranceIndustry

Motor insurance fraud drives £1.1bn worth of fake claims. In total, insurers identified 84,400 fraudulent claims in 2023, which is 11,800 more than the previous year, with the average value of a claim reported at £13,000. The ABI figures also include details on the type of fraud scammers attempted to commit with exaggerated loss – the deliberate attempt to increase the cost of a claim beyond its true value – the most common with 25,700 claims amounting to £407m.

Insurance Post’s insurance fraud survey 2024 found that opportunistic claims fraud, organised claims fraud, application fraud and identity fraud have all risen in the past 12 months. At a recent roundtable event, sponsored by LexisNexis Risk Solutions an expert panel discussed the trends insurers are seeing around fraud, and the solutions firms are deploying to keep up with the increasingly sophisticated criminal activity being detected from application to claims stage. https://hubs.li/Q02HV_F60

In the state of New Jersey, insurance fraud ranks as the second largest white-collar non-violent crime, trailing only behind tax evasion. A report from insurancefraud.org indicates that insurance fraud amounts to a staggering $308.6 billion annually. This not only results in a significant increase in insurance costs but also places a higher premium burden on policyholders. Prosecutors responsible for handling insurance fraud cases emphasize in their report that the scale of perpetrators involved in insurance fraud is increasingly vast, severely impacting the normal operation of the insurance industry. An investigation into insurance fraud reveals that nearly 9% of respondents do not view insurance fraud as a wrongdoing or criminal activity. They perceive it either as insurance companies extorting people or as rightful compensation for having paid sufficient premiums. Meanwhile, a significant proportion of respondents (28.6%) hold the viewpoint that insurance fraud is either not truly a crime (8.5%) or constitutes a business practice without genuine victims (20.1%). Additionally, defenders of insurance fraud may argue on behalf of deceiving insurance companies, viewing it as a victimless crime. #DEEPFAKE #AI  #App #Appshielding #Dingxiang  #atbCAPTCHA #Dinsight  #Insurance https://lnkd.in/guiVFe3t

#InsuranceFraud is a significant problem for insurers, but the full impact on innocent claimants is often overlooked. It's all too simple to fake an injury in a car accident or inflate a contents claim by adding extra items, rationalizing that it doesn't really harm anyone and that #InsuranceCompanies earn millions regardless. Serial fraudsters, unconcerned about their risk profile, are confident they'll secure insurance by any means necessary. For the rest, the consequences are rising premiums and prolonged claim investigations. Insurers, preferring to take six months to assess a claim to catch any fraud, fail to recognize the devastating effect these delays have on an innocent insured who has suffered a loss. The presumption of innocence until proven guilty seems obsolete; insurers appear to view most claimants with suspicion due to the surge in these types of claims. Policyholders should be clearly informed—not just in the fine print—that any fraud, no matter how minor, can adversely affect all their current and future insurance needs, including motor, home, and health. A single instance of proven fraud can affect an individual's ability to obtain coverage in the future. Fraud affects everyone involved in insurance, leading to higher premiums for claimants and extensive investigations for insurers. #InsuranceClaims #Brokers #InsuranceFraud