Insurance Fraud Bureau

The national insurance fraud bureau has been established to detect and prevent insurance fraudulent transactions. Insurance fraud is not limited to any single type of insurance but is occurs in all types of insurance whether it is home, car, office, health or even person. Insurance Fraud Bureau is a cost effective solution for detecting the insurance fraud. It has been set up to catch the people committing the insurance crimes. It is aligned with Government to guard all economic stakeholders from the impact of organized crime.

Types of insurance Fraud

• Submission of wrong claim: This type of fraud occurs when a false claim for the fraud is raised. May be person raised the claim for the property which never existed in his name. For Example: A house got damaged because of fire; you file a claim of the same showing that it was in your name. Whereas the house was never in your name.
• Submission of an overstated claim: This type of fraud occurs when person claims lot more than actually he is entitled for. For Example: House caught fire and various items were destroyed in the act. You fill a claim for the items. Among those you show the item which actually did not exists or you quote wrong price for the item.

Members of Insurance Fraud Bureau

The members of Insurance Fraud Bureau are increasing on regular basis. They include compensator, insurer, self insured companies, or third parties.

Type of Fraud Investigated by IFB

The IFB focuses on the personal lines such as home, personal injury claim, or motor. Investigation is going on to extend the scope to other crime risk also. The IFB is working in collaboration with Insurance fraud Bureau UK.

The Insurance Fraud Bureau Massachusetts is a unique investigate agency. It is financed by the workers compensation insurer of Massachusetts. It is dedicated towards elimination of the fake insurance transactions. It refers the relevant cases for prosecution after conducting the criminal investigation. Apart from investigation, it has analytic, legal, and administrative division also. The main aim is to detect and prevent the fake insurance transactions in Masschusetts.

Analysis of the fraudulent claim trend is done by the Insurance Fraud Bureau. The databases is kept updated for all the fake claims made so far, Whenever an insurance company comes across fake claim they give the details to the concerned authority. They tally the fraud in the database. Along with this they also keep track of the insured person. If person has record of the fake claims the same is investigated very carefully.