The Total Cost of insurance fraud (non-health insurance) is
estimated to be more than $60 Billion per year.
NSIU specializes in surveillance and other services catered
to risk managers and insurance professionals.
Tuesday, December 29, 2015
Friday, December 25, 2015
5 Most Common Types of Insurance Frauds You Should Know Of
Surprisingly,
insurance fraud is viewed as a victimless offense. When insurance companies are
cheated, it is the people who pay premium on a timely basis that suffer the
most. This is because their insurance cost goes up. It’s saddening to know that
the losses suffered by insurance companies because of perpetrators are in turn borne
by honest people.
According to statistics, around
$80 billion losses are incurred annually on account of insurance frauds.
However, not many people know
that we, as individuals, can play an essential role in preventing insurance
frauds. For this, we need to be aware of the most common types. Stated below
are the 5 most common types of insurance frauds:
1.
Stolen Cars
Offenders make use of stolen cars
to commit an insurance fraud in two ways. Firstly, if a legitimate owner sells
the car to a body shop owner for spare parts, it could be considered stolen.
Since the body shop is also a faction of the scheme, the legal authorities
wouldn’t be able to find out that an
insurance fraud has been committed. Secondly, criminals hide their car and make
claims that it has been stolen. Moreover, the insurance company wouldn’t be
able to draw out money from the car owner even after the car is located.
2.
Car Accidents
Many of the accidents that happen
around us are actually insurance frauds taking place. Insurance fraud accidents
are staged where the driver and the victim are co-conspirators. Sometimes, the
fraud is planned on such a massive level that it involves fake witnesses and
insurance investigators as well. Moreover, in such fraud claims, the value of
the car that got hit and the value of the car that hits the victim’s car are
greatly hiked. Likely so, the cost of the damages is also inflated.
3.
Health Insurance Billing Fraud
It is quite appalling to know
that healthcare professionals are often involved in such conspiracies. Some
basic examples of common frauds they commit include billing the insurance
company for treatments that was never provided, or hiking the value of the work
that was done. For instance, if a patient comes in for a regular checkup, the
doctor would bill the insurance company for an in-patient surgery. Here, the
patient may be the real victim of fraud but would have no knowledge of it.
4.
Unneeded Medical Procedures
If you ever come across a
situation where your doctor is prescribing you tests unnecessarily, or ones you
feel don’t pertain to your condition, you might be a victim of insurance fraud.
For example, if you are suffering from a leg sore and your doctor asks you to
get some blood and stool tests done, you are likely to get confused as to the
reason behind this test.
5.
Faked Death
This
is one fraud that has stemmed from movies, books and TV shows. In such kind of
insurance frauds, the criminal will file an insurance policy of his own life,
making the spouse as the only beneficiary. After months, the fraudster will
fake his/her own death and all the money and benefits will go to the spouse. Post
funeral, the spouse may relocate where they reunite and enjoy the claimed
money.
Have you been a victim of a ruthless insurance fraud? If yes, then you surely need the assistance of an insurance fraud investigator such as National SIU. This private investigations firm has a special investigations unit so that you can be provided with evidences that reveal the real side of the case. Browse their website http://www.nsiu.com/home for more information.
Wednesday, August 26, 2015
Medical Record Canvass
What is Medical Record Canvass?
Our Medical record canvass is a time-saving service that
provides insurance companies with complete contact information about an insured
person. We provide complete medical history of the subject to insurance
companies, thus reducing the chances of false insurance claims.
Tuesday, August 25, 2015
Identifying the Real Victim in Insurance Fraud
It may seem from the outside that
the insurance company is always the victim in an insurance fraud; but the
reality is somewhat different. According to the Coalition against Insurance
Fraud, on average, every American family pays as much more than $1000p.a in the
form of increased premium costs to cover the losses of insurance frauds.
Furthermore, the additional cost that businesses bear in insurance is the added
expenditure that’s passed onto the consumers in the form of inflated prices.
Consequently, the cost of fraudulent claims is being indirectly passed onto the
end user as higher premiums and increased value of goods.
However, the big question that
arises is, ‘what exactly is insurance
fraud?’ Is it the criminals that plot against insurance companies to
extract millions of dollars or an ordinary citizen that lies just in order to
obtain some extra in insurance claims than what they really ought to have? The answer is a blend of both!
To clearly identify the victims
in an insurance fraud, it’s imperative to have a basic idea of types of
insurance frauds. Typically, there are two kinds of frauds: Hard Fraud and Soft
Fraud.
Hard Fraud
Typically, a hard fraud is
conducted by an individual or a team of individuals that intentionally set out
their motive to fraudulently grab money from an insurance company. The schemes
that they plot can be categorized as orchestrated auto accidents, fake medical
bills and even murder.
Soft Fraud
On the other hand, soft fraud is
when a sincere and normal person decides to deceive the insurance company just
to reduce his/her premium costs or inflate the settlement of its claim. Simple
and basic lies such as veiling a speed ticket to suppress insurance costs falls
under the category of soft fraud. In other cases, soft fraud is also when a
person unreasonably exaggerates a claim just to earn more money from it.
It
is important to understand that the purpose of developing insurance was to
compensate or reimburse people; not multiply their wealth just because they
were a part of the loss. It is surprising to know that many people think and
believe that soft fraud is not a crime and that it’s justified. They commit
soft fraud by presuming that the insurance company is raking millions of
dollars by manipulating the general public. So, to get their fair share of the
pie, they shamelessly commit soft frauds.
Fortunately or unfortunately,
this inference is totally flawed. People must understand that the cost of these
fraudulent claims is further passed onto the end-user in the form of higher
premium costs. Hence, the real sufferer of an insurance fraud is the end user.
If you’re seeking justice for insurance frauds, then head to National SIU, leading private investigation firm that houses the best insurance fraud specialists to offer customers with the finest results in a timely manner. Visit their website http://www.nsiu.com/ for more information.
Thursday, June 4, 2015
When do you Require Undercover Investigation?
There can be a number of situations in everyday business that require owners to seek the help of private investigations firms. But some of these situations can be a bit too much for ordinary investigators and require a firm that has extensive experience with unorthodox investigative techniques, like undercover investigations.
NSIU has highly trained and certified investigators on board that have extensive experience in conducting undercover investigations. If you are wondering what kinds of situations require an undercover investigation, then you should peruse the following information:Drugs at the Office
Theft or Embezzlement
Financial matters are another reason business owners may
request an undercover investigative service. It can be because of theft of
company funds or equipment, whether external or internal, and when someone is
embezzling company funds.
Sabotage
Some nefarious elements can try and harm your company or
employees, for the purpose of sabotaging your organization. In this type of a
situation, an undercover investigator can be exactly what you need to identify
the saboteurs.
Information Leak
Data and electronic information is one of the most valuable
things that modern businesses have. If someone is leaking information, either
inadvertently or on purpose, then an undercover investigation can reveal the
relevant party.
Security Gaps
When a business deals in sensitive materials or information,
keeping the whole facility secure is the owner’s number one priority. Undercover
investigators can take a deep look at the security procedures at your company
and how they are being implemented.
Operational Hurdles
This isn’t a very common reason for starting an undercover
investigation at your company, but it isn’t unheard of. To find out if
something or someone is hindering the production process in your organization,
you can request an undercover investigation.
About the Company
National SIU (Special Investigation Unit) is a professional
investigation firm that specializes in surveillance and other services
specifically for risk managers and insurance professionals. The organization’s
main goal is to provide their clients with effective evidence which can be used
to uncover the truth.
For more information, please visit http://www.nsiu.com/home
For more information, please visit http://www.nsiu.com/home
Friday, April 24, 2015
Most Common Types of Insurance Fraud
Workers' compensation insurance fraud occurs in simple and
complex schemes that often require difficult and lengthy investigations.
Are you a victim of Insurance Fraud?
Get in Touch With National SIU
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