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Life assurance takeover

Many insurance carriers are facing risks due to scamsinitiated by cyber data breaches. For example, life assurance offers coverage for the whole life instead of a chosen term like life insurance. It is a tax-free plan, and one can get a claim upon the death of the insured. 

Fraud happens when the customer gets a mail stating there is a problem in their policy or they need to update the account. Sometimes, they tell you, "you are the beneficiary of some unknown account," and you can get the money by clicking on the link given in the email.  

Sometimes, the message offers better deals than the one you own, where you are asked to fill in details to modify the policy.

Victims who face insurance takeover suffer from financial loss. Also, they may be asked to change the usernames or passwords, and the beneficiaries to get the proof for a claim.  

How To Spot It?

  • Do not trust the firm that calls you from a personal mobile phone or communicates with you through social media or strange emails or calls. 

  • If they call, ask them all the details from where they got the information before listening to them or seeking their advice. 

  • Never click on the links in emails that offer such a policy.

Banksand financial organisations are implementing multi-level login and multi-layered defence solutions, including combined verifications, risk detections, and authorisations to enable firms to identify customers and detect and bar bot attacks. 

To reassure customers, the organisations are revising policies and introducing new verifications at the time of account change or transactions. 

Insurance companies investigate such misconduct or scamsby requesting and examining the official records. 

Then, depending on the claim, they seek answers for different questions or get a recorded or written statement from all the involved parties who need to describe the incident and the circumstances. Then, they try to get contextual information to know more about it.

Date Published: Feb 15, 2022
A to Z Fraud
Type of Fraud
Report a Fraud or Scam

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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