How to Track Down Insurance Fraud?

3 ways to detect insurance fraud

First, we need to discuss the two types.
1) The exaggerated claim
2) The false claim

The first type is when someone files a claim, but tell the company additional information. This is the stuff that didn't actually happen, but the person figures they can get money for it.

The second type is pretty self-explanatory. It's when a person lies about any kind of damage that has occurred. The reason this happens is the person feels they can get money from the company.

Either way, both cases exhibit unethical and illegal behavior. Insurance fraud in Oklahoma is a very big deal. In many states, it can get a person fined and jailed for a very long time. Most don't realize the full impact of their choice, until that ruling comes down. Now there are a few ways to handle this. Let's take a look a few right now.

1) A basic analysis can be done. This when companies go in and look at the trends. They figure out who is doing what and when. If there is a claim that is unusually large and the money gets paid out, researchers will begin to investigate those claims. Unusually large claims are not out of the realm of possibility, but you do need to look at when they are happening and how much. There are lots of people who sometimes get greedy. If they feel they can get away with something, they will try at all costs.

2) Leads are another good avenue to go track down. Many rely on information from friends and family, even neighbors. IF someone has pertinent information on another individual, it's highly advisable they speak up. Sometimes knowing and not doing anything about it, is just as bad as the actual fraud itself.

3) Regulations are put in place. Many times these regulations come from specific agencies that work with the insurance companies. They work to detect and stop the fraud. This also works with those who might submit a potential fraudulent claim in the future. Some people don't do it right away, but they line themselves up for the kill. These companies keep a database on every person that hold insurance. Even the smallest hint of fraud and they will got into action.