Wisconsin-based Acuity Insurance has reported an increased need for cyber liability insurance among both personal and business policyholders as cybercrime continues to grow. Between June 2021 and June 2022, Acuity Insurance saw cyber liability claims on its commercial insurance policies spike by more than 50%. For personal policies, Acuity reported a 90% increase in cyber claims in 2021 over 2020.
A key charge in the obstruction of justice trial arising from the infamous dossier on Donald Trump’s alleged ties to Russia was thrown out last Friday by a federal judge. Igor Danchenko is on trial charged with lying to the FBI about his role in creating the dossier. Here is why insurance fraud investigators should be very concerned.
Allstate Insurance recently published its quarterly Identity Fraud in Focus report, in which it surveyed 2,200 American adults and found that 17 percent of them had seen or been contacted by a suspicious job opportunity in 2022.
There are many reasons, or excuses, for ignoring insurance fraud, even among insurance professionals. ‘The special investigations unit (SIU) handles all that,’ or ‘Fraud is just inevitable, everyone does it,’ or, worse, ‘We can just pass the costs on through higher premiums.’
Nearly three dozen contractors with a criminal past have started a door-to-door campaign to Florida homes damaged by Hurricane Ian, according to the National Insurance Crime Bureau (NICB).
Ransomware hackers are experimenting with a new kind of attack that, instead of encrypting data, outright destroys it. The aim is to make it impossible for victims to retrieve their data if they don’t pay the ransom.
Business income (interruption) insurance has received a lot of attention since the beginning of the pandemic due to business closures across the globe. Unfortunately for business owners (in the U.S. and most other countries), business income losses were not covered due to a virus exclusion.
New York Attorney General Letitia James sued former President Donald Trump, the Trump Organization and others, including the ex-president’s eldest children, for financial fraud on Wednesday, in a lawsuit that includes allegations that the organization made misrepresentations in its purchase of surety bonds and directors and officers liability insurance.
Insurance fraud is anything but a new concern for insurance companies and counsel. A simple online search reveals a litany of articles, investigations and reports of scams and schemes developed by would-be plaintiffs to secure damages based on accidents that were not accidental and injuries that were never sustained.
Workers’ compensation fraud takes three main forms -- claim fraud, premium fraud and provider fraud -- and the effects on honest employers and employees can be devastating. New analysis from the Coalition Against Insurance Fraud found the combined fraud burden for the workers’ comp line weighs in at $32 billion per year.
The U.S. Department of Labor’s Occupational Safety and Health Administration ordered Wells Fargo & Co. to pay more than $22 million to a former executive whom the bank allegedly fired for reporting financial misconduct, the agency said Thursday.
Email scams and viruses are nothing new -- threats like phishing emails and malware have been around since the days when services like AOL still dominated the internet and email landscape.
While we all know that insurance fraud is a massive problem, we now know just how massive: more than $300 billion-a-year massive, just in the U.S. That figure comes from the Coalition Against Insurance Fraud, whose estimate would mean that fraud costs each person in the U.S. some $930 a year and the average family some $3,750.
The owner of the Chalfont Collision Center faces third-degree felony charges for allegedly submitting nearly 300 false insurance claims over several years to four insurance companies and pocketing more than $426,000 in payouts.
State Farm Fire and Casualty Co. has agreed to pay the federal government $100 million for potential liability over its handling of flood insurance claims after Hurricane Katrina, settling a lawsuit that two whistleblowers filed against the company more than 16 years ago.
