Insurance Industry Scam Alert

Insurance Industry Scam Alert

Courtesy The Insurance Crime Bureau we bring you this “Industry Scam Alert”, to inform you about a concerning trend that has re-emerged within the insurance industry.

Criminals are directly targeting insurance companies, through their call centres, by impersonating policy holders and requesting copies of their Policy Schedules and Claims History. Once in possession of this information, these perpetrators are engaging in illegal activities, including identity theft and other insurance fraud. The Policy Schedule obviously contains detailed personal information, including name, ID, address, policy details, and other confidential data – sharing this info with an unauthorised individual would be considered a data breach, and would have to reported as such to the relevant regulators.

When in the wrong hands, this information can be used to perpetrate various forms of fraud, including identity theft, fraudulent insurance claims, and financial scams.

Modus Operandi: The criminals typically contact insurance companies via telephone posing as legitimate policy holders. They request sensitive documents such as Policy Schedules and Claims History under the guise of routine updates which is not unusual, especially when consumers are shopping around for better premiums.

WHAT WE ARE DOING TO SAFEGUARD OUR CLIENTS:

• STAYING VIGILANT: We are cautious when receiving requests for personal information and will always perform the necessary security checks to confirm we are actually speaking to the correct individual.
• VERIFYING AUTHENTICITY: Before we share any sensitive information, we verify the identity of the requester.
• PROTECTING OUR CLIENT’S INFORMATION: We are Safeguarding Policy Schedule and Claims History just like we would any other sensitive information. We only share this information with trusted individuals that have been verified.
• REPORTING SUSPICIOUS ACTIVITY: In the event we suspect that we have been targeted by fraudsters and have been requested to share personal information with them, we will report the incident to the appropriate authorities IMMEDIATELY!

OUR EMPLOYEES HAVE BEEN WARNED TO BE EXTREMELY STRICT ON ID VERFICATION AND CHANGE OF ANY CONTACT DETAILS. We thank you for your understanding and patience during this process.

The Insurance Crime Bureau is committed to our, as well as our clients’ security, and is dedicated to combating fraudulent activities within the industry. They continuously monitor emerging threats and work closely with their Members and Law Enforcement Agencies to protect the public and the industry from falling victim to scams.

Your Data Protection is of paramount importance to us, and by staying informed and remaining vigilant we can work together to thwart the efforts of fraudsters.