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Insurance fraud

During the covid situation, many imposters indulged in opportunistic schemes where they claimed for losses that did not occur.  Despite the fall in traffic during the lockdowns, the number of claims against motor injury increased by 20 per cent and there are multiple reports of ghost brokering targeting vulnerable people. 

In the last year, the frauds committed against employers liability policies have grown. 

The tricksters tried to capitalise on safety measures adopted by the businesses, like a bogus injury claim by people who said they fell due to hand sanitiser on the floor. Other forms included accidental damage, loss, or theft cases where people stated they lost household items like laptops or jewellery. 

Insurance fraud refers to the bogus claims made against a loss or the condition where a person deliberately destroys the insured asset to gain benefits. Such actions are often committed by the group of people who steal money through fake business activities. 

Some Of the Common Types Are 

  • Auto-related fraud is where the cheats adopt ways like misrepresenting facts on the application and submitting damages that never occurred. In addition, they create fake reports of stolen items or vehicles.

  • Healthcare abuse may occur when the doctors or medical equipment supplies bills are used to get bogus refunds.

  • To avoid poor claim records, the employer may seek coverage in different workers’ names to gain on previous worker policies. 

  • Fake insurance claims are made by dishonest methods or through fake documents where they state lost more than they have or try to get multiple claims for the same. 

  • In other cases, policy owners remain underinsured only to reduce the monthly premium, but they do not get the benefit they could gain when they suffer a loss. 

  • Sometimes, the broker gets all the documents and related information for the life assurance takeover they use for account takeover frauds. In case you suffer any such issues, report them to the authorities.  

Date Published: Feb 11, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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