Insurance fraud is big business. Even excluding health-insurance scams, the crimes total more than $40 billion a year, according to the FBI, and cost the average American family up to $700 a year in higher premiums.
Fortunately, more and more legislatures are getting aggressive in the fight against fraud. In 2014 alone, several states have put forward bills that aim to curb fraud at the source. Michigan, for instance, is proposing to create an auto-fraud agency to help expose criminal activity. Colorado intends to raise the penalties for committing fraud, while Maryland, Minnesota, New Jersey and New York are all getting behind a strong anti-fraud agenda. They’re important steps to help protect everyone from a crime that costs us all.
Learn how GEICO’s Special Investigations Unit detects, deters and defeats insurance fraud and find out how you can report a fraud yourself.
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By Sam Song