Home Finance Fraudulent Schemes Affecting Ex-Servicemen | central insurance companies

Fraudulent Schemes Affecting Ex-Servicemen | central insurance companies


With Memorial Day approaching, may we be reminded that insurance fraud schemes affect everyone, including Veterans.

Military veterans and retirees reported $66 million in fraud damages in 2020, according to Federal Trade Commission (FTC) data. Fraud is the second most expensive white-collar crime in America. These crimes add up to billions of dollars in fraudulent insurance claims each year. Even if you have not suffered a direct loss, you are still a victim of insurance fraud. Fraud not only causes higher insurance premiums, but it also raises taxes and raises prices for consumer goods.

The National Insurance Crime Bureau (NICB) has urged veterans to protect themselves from frauds. To avoid becoming a victim, know the signs of the following schemes.

Top Insurance Fraud Schemes To Look For
staged auto accidents

Sometimes auto accidents are not actually accidents. When you’re actually the victim, it’s a deliberately staged crash designed to make it look like your fault.

roof fraud

While insurers pay nearly a billion dollars annually to cover losses, sometimes those payments end up in the pockets of unscrupulous contractors.

towing scams

NICB has been warning and educating consumers about unethical and illegal practices among some rogue towing and storage operators and repair shops across the country.

auto glass fraud

There are questionable practices by the vehicle glass repair and replacement industry where they advertise that windshield replacement is “free”. Unfortunately, they are asking you to be a part of insurance fraud. These very best-for-true offers drive up your auto insurance rates and increase the overall cost of auto glass repair services.

Worker’s Compensation Slips and Falls

Here’s how a typical slip and fall scenario unfolds: A small shopper is alone at work when a customer comes in and wanders the aisles in search of merchandise. Moments later, the customer starts calling for help. The shopkeeper reacts to find the person on the floor, bruised and moaning, they claim when they slipped on something on the floor.

Here are more resources for Veterans to learn about and deal with fraud:

Anyone with information related to insurance fraud or vehicle theft can report it anonymously by calling toll-free 800.TEL.NICB (800.835.6422) or Form submission on NICB website.

courtesy of content National Insurance Crime Bureau.

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Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of knews.uk and knews.uk does not assume any responsibility or liability for the same.

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