An analysis of insurance fraud shows it’s a growing problem that almost half of Americans consider an 'acceptable' crime.
That’s how much insurance fraud costs every American a year — $309 billion in total, according to the findings of a recent research study that I led. For a family of four, that adds up to nearly $3,800 — about enough to finance a small family vacation.
Another example is a patient exaggerating an injury in the hopes of gaining additional benefits, such as better medical treatment, additional time off from work due to disability and even attempting to get an injury covered that was not part of an auto accident. Besides resulting in inflated bills that others ultimately pay for, the fraudulent claims clog up an already busy and stressed medical system, which could potentially take valued treatment away from a patient who does need it.
There are dozens of other kinds of scams that fraudsters engage in, all with the goal of either gaining a monetary profit or securing valuable personal information for use in other identity theft schemes. From romance and travel scams to schemes related to work or COVID-19, these all have the same “fraud DNA” of using psychological tricks to manipulate.
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