Page 108 - Veritas Vol 3, Issue 2

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INSURANCE FRAUDS:

TACTICS AND TRENDS

IN THE INDUSTRY

Abstract:
This article investigates how protections extortion could be an inescapable issue

within the industry, costing billions of dollars each year. There are different
strategies that fraudsters utilize to misdirect protections companies and

policyholders, driving to expanded premiums for legitimate clients. One

common strategy is arranging mishaps or wounds to form wrong claims for
financial gain. Another strategy is expanding the esteem of misplaced or

harmed property in arrange to get the next payout from the protections
company. To address this developing issue, protections companies are

contributing in innovation and information analytics to distinguish suspicious
claims and patterns of false behaviour. It is basic for all partners within the

protections industry to work together to combat extortion and ensure genuine
policyholders from the budgetary results of misleading hones.

Keywords: Exaggerated damage, Staged accidents, False documentation,

medical billing fraud, Insurance fraud, Identity theft, Phantom vehicle claims,
Workers’ compensation fraud

INTRODUCTION

Protections extortion may be a noteworthy issue that impacts both safeguards

and policyholders, driving to expanded premiums and potential money related
misfortunes. In spite of these endeavours, protections extortion remains a

tireless challenge that requires ongoing vigilance and development in location
and avoidance strategies. This deceptive conduct leads to expanded premiums

for all policyholders, as protections companies pass on the costs of false claims
to their clients.

VERITAS VOLUME: 3, ISSUE: 2 WRITER: MERIEN ABRAHAM