Insurance fraud is a nationwide problem. In today’s unstable economy, insurance fraud has the potential to get even worse as consumers may be looking for ways to reduce their insurance costs, according to the Idaho Department of Insurance, which recently sponsored Fraud Awareness Week.
To increase fraud awareness, the state offered fraud awareness seminars across the staete. When asked if they had been victims of fraud, most Idahoans attending these seminars confirmed that they had.
Department Director Bill Deal said, “Consumers need to be extremely careful not to take a shortcut with their insurance, which, in the long-term, can affect the safety and security of themselves and their loved ones. What seems too good to be true often is.”
Fake insurance companies and dishonest insurance agents can defraud consumers by collecting premiums for bogus policies at rates that are significantly lower than the traditional market price in order to woo consumers who are trying to save money.
The DOI also cautioned that insurance agents and brokers are being targeted for fraud, by people posing as DOI employees seeking personal information.
“The Department is always on the lookout for these individuals and companies,” continued Deal. “Consumers can protect themselves through proper research and vigilance.”
For more information or to report fraud, call 800-721-3272 toll free statewide, or visit the Department Web site at www.doi.idaho.gov.
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