Insurance fraud occurs when individuals or companies attempt to deceive an insurance company based on a false claim. Conversely, insurance companies can commit fraud when premiums or claim checks are stolen, bogus policies are sold, or insurance coverage is defective or non-existent. Insurance schemes do not discriminate against insurers or the insured, and is often a high-dollar loss for businesses. Veriti Consulting is familiar with the types of problems that insurance fraud can cause for individuals and businesses.
Our accounting and forensic service professionals conduct insurance fraud investigations into matters such as:
- Arson
- Asset Diversion
- Billing Fraud
- Business Interruption
- Embezzlement
- Fake Insurance Policies and Companies
- Falsified Claims
- Fee Churning
- Forged Documentation
- Fraudulent Policy Applications
- Health Insurance Fraud
- Inflated Damages or Losses
- Premium Diversion and Theft of Premiums
- Staged Incidents and Intentional Damage
- Workmen’s Compensation
Veriti uses claims history analysis, financial reviews, witness interviews, and other specialized techniques to determine if insurance fraud has occurred. Evidence gathered in such an investigation can demonstrate that insurance transactions were fraudulent, and can be admissible in court. Businesses and individuals who have been subjected to insurance fraud should not be deterred from litigating or pursuing a fraudulent claim.
If you suspect that you or your business has become involved in insurance fraud, contact Veriti Consulting at 877.520.1280 or by email to learn more about our insurance fraud investigation services.
Insurance Fraud FAQ’s
1) Why is insurance fraud considered a low-risk crime?
Until recently, some states did not have specific insurance fraud laws, thus making it difficult for courts to prosecute. In addition, insurance fraud perpetrators are not considered as dangerous as those criminals committing more violent crimes.
2) Who is at the most risk for fraud?
With the aging population and rising medical costs, the baby boomer and older population segments are certainly a prime target for insurance fraud. In addition, insurance fraud cases against immigrants and various ethnicities who are unfamiliar with the dynamics of various types of insurance policies are victims of insurance fraud.
3) What are some preventative measures to protect myself or a company from insurance fraud?
Be suspicious of low-priced insurance policies or companies trying to sell insurance over the phone or internet. In addition, always be sure to review your policy coverage on an annual basis, understand billing charges for hidden costs, and do not sign insurance forms that are incomplete.
