How To Not Fall Victim To Insurance Scams Reviewing Ways To Stay Safe While Buying Insurance
Introduction American consumers end up losing $80 billion every year due to insurance fraud. With more people buying life and health insurances because of the pandemic, it is important to acquaint oneself with ways through which one can avoid being a victim of insurance scams and fraud. In the upcoming slides, we will quickly review some of the most effective tactics.
Connect With Licensed Insurance Agents When you seek to purchase insurance offline, ensure that you double-check and review the credentials of independent insurance agents. While you will be safe if you visit legit offices of insurance providers, it doesn’t hurt to be cautious. Experts recommend that you study the legitimacy and customer reviews of the insurance company before you proceed. On the other hand, if you choose to buy insurance online, make sure that you visit an authentic insurance provider’s website directly instead of clicking on spam promotional emails.
Don’t Trust Every Text/Email You Get There are hundreds of scammers and spammers out there who are out to ride on the fears and anxieties of people seeking to purchase health insurance. Instances of such scams have gone up overwhelmingly because of the global health crisis fuelled by the COVID-19 pandemic. Their modus operandi: spamming unsuspecting victims with lucrative offers via mails and texts. They may either steal their information or trick them into paying large sums of money for insurance policies that don’t even exist.
Don’t fill random forms without proper verification Read forms carefully and understand what they are really for. On the pretext of getting your details, scammers may convince you to fill up claim forms or trick you into giving your financial information. Don’t be afraid to ask questions and if things seem fishy, take a step back.
Request For ID Proofs As per official directives, insurance agents representing companies must possess ID proofs and undergo required training before they can sell policies. To avoid being
scammed by fake insurance agents, make sure that you ask them to furnish their IDs before you move forward with discussions regarding insurance policies. In addition to this, be selective when it comes to sharing your IDs with strangers. Hand copies only to licensed agents to lower the risk of identity theft and fraud.
Where To Report Insurance Scams & Fake Schemes? ● Most states in the U.S. have fraud bureaus that even offer rewards to those who bring scams and insurance fraud to their notice. ● Call the insurance company and report the incident. ● Inform the Coalition Against Insurance Fraud (CAIF). ● Inform your local FBI office about fake insurance schemes and scams.
THANK YOU! Presented & Reviewed By: Vinayak Joshi,
Manager, Money 2.0 Conference https://www.money2conf.com/