For its third annual Contractor Fraud Awareness Week, the National Insurance Crime Bureau (NICB) has chosen to highlight the issue of post-disaster contractor fraud. According to NICB, approximately 10% of the $92 billion catastrophe losses suffered by insurers in 2021 went towards post-disaster fraud.

In a significant development, Wells Fargo has reached a settlement agreement to pay $1 billion to resolve a class action lawsuit accusing the bank of misleading investors about its progress in rectifying its practices following the notorious fake accounts scandal. If approved by the court, this settlement would rank among the largest recoveries ever obtained from a securities class action lawsuit, according to attorneys representing the plaintiffs.

Researchers at a leading cryptocurrency tracing company have bad news for Washington: Ransomware is back, and it might be worse than ever.

To bolster innovation, insurers are turning to a technology that, in its short lifetime, has already created massive changes in business and the world. Generative AI, a type of artificial intelligence that can create content, rather than simply analyzing existing data, has been at the core of experiments in trying to optimize insurer processes, predict risk and develop customized policies for individual customers.

A woman from Coral Gables found herself caught in an insurance scam after an alert witness helped authorities unravel her deceitful plot. Silvia Maria Almeida, along with her passenger, Milton Yunielki Acosta, attempted to deceive the police by falsely reporting a collision between her black Mercedes-Benz and a pickup truck in Hialeah Gardens. However, their inconsistencies and a witness’s intervention exposed their fraudulent scheme.

Consumers who used Intuit’s TurboTax software between 2016 and 2018 could be eligible for up to $85 as part of a 50-state settlement over the company’s tactics that allegedly tricked users into paying for tax services that should have been free.

Louisiana’s Insurance Commissioner has imposed a fine of $2 million on Texas law firm McLenny Moseley & Associates (MMA) and its associated partners for hurricane-related insurance fraud.

Paul Richard Massey, a resident of West Virginia, recently pleaded guilty to wire fraud and money laundering charges. Massey, who worked as a claims adjuster for Allstate Insurance Company from 2015 to June 2019, confessed to issuing fraudulent payments to a business that he owns.

Claimant fraud and premium fraud are two of the most well-known types of workers compensation fraud. In these cases, a worker may intentionally fake an injury (claimant fraud) or a business owner may misrepresent their employee headcount or incorrectly classify employees to obtain lower insurance premiums. Now, a lesser-known type is occurring with greater frequency: provider fraud.

The FBI recently warned consumers against using free public charging stations, saying crooks have managed to hijack public chargers that can infect devices with malware, or software that can give hackers access to your phone, tablet or computer.

Almost a third (30%) of all IT and security professionals whose firms suffered a data breach did not publicly disclose the event, but rather decided to sweep it under the rug.

Investigators didn’t have to look far to find evidence allegedly showing a Yucaipa couple intentionally causing dozens of car crashes to fraudulently collect insurance money.

As deepfakes quickly advance in terms of sophistication, they can be scarily convincing, as we’ve seen in some examples. And what’s more, they’re becoming increasingly popular with cybercriminals, as these technologies become even easier to use.

Business email compromise (BEC), also known as ‘CEO fraud,’ is one of the most expensive forms of cyberattack, yet companies continue to overlook it as a significant and active threat to their bottom lines.

The Ohio Department of Insurance director, Judith L. French, has reported that there is a new trend in Ohio where individuals are committing insurance fraud after auto accidents or property damage.