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Insurance fraudsters and scammers are always looking for new ways to extort money from unsuspecting customers. Many policyholders mistake them for genuine representatives and hence should secure themselves against insurance frauds during a time when such instances of fraud are on the rise.
Insurance fraudsters carry out well-planned scams and frauds to cheat or mislead innocent and unsuspecting customers or prospects. These frauds are mainly carried out for monetary gains or for the purpose of stealing important personal data. In many cases, they may simply ask for direct payments through mobile payment applications in return for an insurance product. A lot of first-time policy buyers who are unaware of the right policy buying processes may fall prey to the scammer’s polite and well-scripted conversation and make the payment, only to realise that there is no genuine insurance cover being offered. For example, the scammer may call a potential policy buyer under the pretext of selling an insurance product. However, instead of offering a genuine product, they will extract the customer’s financial details such as the debit/credit card PIN, bank account number, PAN card details etc.
The most important reason you should keep yourself and your family safe from insurance fraud is so that you do not have to spend your hard-earned money on a false insurance product that does not offer any benefits. Scammers will sell you a fraudulent policy against a lump sum payment and when you file a claim, there is no record of either the insurance policy or the provider.
You may also receive seemingly genuine calls saying that you are eligible for additional policy benefit or a discount on your policy premiums in exchange for some fees. To make it appear more legitimate, it is likely that they will exhibit a good background knowledge of the insurance industry and insurance products. However, once you pay the fees they ask for, there will be no way to get back the money or even track the source of these calls.
In a more dangerous scenario, your personal & financial details, in the hands of the wrong people can risk your and your family’s safety!
To understand how an incident of insurance fraud can occur, let’s take a look at the below example
However, when he refuses the offer and reports the case to his insurance company’s customer service. he not only will be free from the fraud, but he can also help his insurer prevent future instances of fraud.
An effective trick that fraudsters use is the game of numbers. They attempt to contact hundreds of numbers through different communication channels and manage to dupe at least a handful of customers, if not all.
To help you understand these tactics better and stay safe, here are how fraudsters may try to get in touch with you:
It is not uncommon for scammers to create fake websites infected with viruses that can steal your personal and financial data. These websites help create an illusion that you, as the policyholder or a customer, are in good hands because the unknown caller has a website to support their story.
With the increasing use of social media, fraudsters have also taken to these channels to reach out to many people quickly. Therefore, it won’t be surprising to get unknown messages on different social media platforms asking you to buy an insurance policy.
Creating a new UPI handle on mobile payment applications is no rocket science, and fraudsters know this well. Once they procure many phone numbers, they send out money requests on these mobile apps, encouraging people to pay for a non-existent product.
A common way that fraudsters use to reach out to several people is through calls or text messages. For example, you may have often received ambiguous messages from so-called “insurance agents,” trying to sell a policy and asking for your PAN card or credit/debit card number and pin. These people also attempt a scripted conversation on phone calls to convince customers into giving them personal and financial details.
You may have received emails from suspicious email IDs that do not contain the insurance provider’s or bank’s name; however, the emailer claims they are a company representative and mail you a clickable link to browse through the products. Unfortunately, these links are infected with a virus or lead to an unguarded website that exposes or steals your personal and financial data.
When you receive a fraud call or communication, you must identify that the call is not genuine. Here are some ways in which the caller may try to mislead you
Your agent has left the organization
At the beginning of the conversation, if the caller correctly identifies your bank name or insurance company, try to get further verification. Ask to speak to an employee who you know works at the company. If the call is a fake one, the caller may give an excuse like, “your agent has left the firm/doesn’t work here now.”
Your old policy is at a loss, and you can take a new policy
A fraudster may use this line over a call, and for a moment, it may cause you to worry about your policy. However, remember to ask for more precise details to identify a fake call from a genuine one. It is advisable to know more about the type of policy cover you have and how it works so that no one can dupe you.
Pending Dividend payout/ Bonus Payout/ Pending Amount on Policy/Past Policy benefits
In case you are not updated with your policy details, a fraudster may try to convince you about pending policy benefits that you have not availed of recently. Since not many people are aware that certain policies also have bonus additions, subject to the company’s declaration, the scammer will try to use this against you and have you to divulge sensitive policy information.
Hoax Call asking for Policy details by Insurance officials/Tata AIA official
Fraud callers tend to pose as insurance company representatives and so, you may get calls from unknown numbers saying that they are a Tata AIA official and will ask for your policy number, the type of plan you have selected, the premium amount you are paying and so on. While giving out these details may look harmless, it can be misused in a number of ways in the wrong hands.
KYC Documents Inquiry
Always be very careful about giving out your Know-Your Customer (KYC) details such as your PAN number and Aadhar number. Fraud callers can cause a lot of harm and hack any of your records with the help of these details. While these details, when used by the authorized officials, are meant for authentication, fraudsters use these details to steal your money or destroy your data.
I am calling from the insurance department
If the caller states that they are from the insurance department, ask for specific details such as their name, official email ID, and designation. But do not divulge any information to them regarding yourself or your policy. Contact us first and verify their details to understand if this could be a fake call.
You can take a new policy, and your commission will be transferred
If you have purchased your policy offline through an agent, you are not entitled to their commission in any way. Therefore, anyone calling you, for this reason, is a fraud and should be immediately reported. We also recommend buying your insurance policy online through our website to avoid any ambiguities.
I am calling from IRDAI, and there are pending bonuses
The Insurance Regulatory and Development Authority of India is a regulatory body and interacts with insurance companies. If you get such a call promising you a policy bonus in return for some money, it can only be identified as a fraud and should be reported immediately.
The company is at a loss, and you can switch the policy to a new company
If your insurance company is undergoing a loss, you, as a policyholder, will know it. Hence, if someone calls you and makes such false claims, do not be scared or misled by them.
You are asked to reveal personal and policy-related information
Revealing any personal, policy-related and financial information to an unknown caller is inadvisable for the sake of your safety. Any communication that asks for such details can only be identified as fraud since we will never ask you for your details.
With fraudsters finding new ways to scam policyholders and customers, it is equally important for you to be wise and stay a step ahead of them. Hence, here are some simple ways that can keep you from becoming a victim of insurance fraud:
Insurance agents are supposed to be well-trained and must have an ID with them all the time, as per the IRDAI’s rules. So if you want to stay safe from insurance fraud, remember to ask for the identification and verify it with our customer service team before proceeding with the conversation.
A genuine and authorised insurance agent will never ask for cash payments or your financial details. Moreover, if you need to verify the authenticity of an offline transaction via cheque payment, you can always confirm the same with our customer support. Therefore, it is advisable to use our secure online payment modes for purchasing or renewing your life insurance policy.
Other than you, your family and us, no one else should have access to your policy details, least of all, an unknown person. If someone calls as an insurance agent, do not give away any details such as your date of birth or any of your passwords. Similarly, if you are asked for an OTP (One-Time Password), please do not share it with anyone as it authenticates and completes a financial transaction.
While applying for the policy, ensure that you fill in all the details yourself. Read about all the plan’s offerings, features, and benefits, along with the exclusions, terms and conditions and only then sign the document. This will help prevent any fraudulent activities by another party in your name.
If you are a victim of fraud and happen to share any personal information or ID proof with the scammer, your documents will be misused. Therefore, share your ID proof only with trusted insurance representatives whose IDs have been verified.
When making financial transactions from cyber cafes or a shared WiFi network, your details are exposed to these systems. If a fraudster hacks into these networks, they can steal your data and misuse it. Therefore, do not save any passwords on public computers and don’t forget to log out of your accounts.
No matter how careful or alert you are, there may be times when you are affected by an incident of insurance fraud. Or you may want to take steps to ensure that an incident of fraud does not affect you or your family in any way. Hence, given below are some ways in which you can help fight fraud
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Details of the fraudster – If there is a particular email ID or phone number you received the communication from, please share it with us.
Any documents given to you by the fraudster – If you have received any documents from the individual, keep them and send us a copy of the same.
Transaction details – If the fraud caller shares a UPI handle, bank account number or phone number on which you have been instructed to transfer money, let us know about it.
What is Insurance policy fraud?
Insurance policy fraud is when the policy buyer or the seller of the insurance policy commits an illegal act. These illicit activities may include the seller misleading the buyer into buying a fake product, selling a dubious policy from a non-existent firm, asking buyers to pay extra premiums, etc. As for fraudulent acts from the buyer’s end, faking a medical condition for policy concessions, providing false information, faking death for the sum assured, and other policy benefits are some of the most common ones.
What does a life insurance scammer look for in a victim?
Life insurance scammers generally look for –
In both cases, scammers are encouraged by the lack of customer’s awareness. For instance, a fraud caller might contact an individual and ask them a few casual questions to understand how much they know about life insurance. Once they know that the customer is vulnerable, they will pitch a faulty/false product to procure some easy money.
What are the types of life insurance frauds?
Here are the different types of insurance frauds you should know about –
When do insurance frauds occur the most?
Most life insurance claim frauds occur when it comes to filing a death claim. There is little scope to verify the cause of the policyholder’s death if the nominee or beneficiary is able to present false documents with a fraudulent claim to gain the entire death benefit. Since the benefit paid out for a critical illness claim or a disability claim is not as huge as the death claim, one may try to falsely file a death claim.
What do insurance fraud investigators do?
Professional insurance fraud investigators tackle suspicious and illegal acts related to insurance policies. They run background checks and carry detailed research on dubious information provided by policy buyers and also investigate dodgy claims which are filed in haste or seem to contain incorrect information. These investigators then report suspected fraudulent acts to insurance companies, thereby helping them deny or refuse the claim settlement amount to such policyholders.
What can you do after you have been a victim of insurance fraud?
If you have been a victim of insurance fraud or know someone who has been affected, kindly report the incident by connecting with us on the Tata AIA Life Insurance grievance redressal page.
Alternately, you can also connect with the IRDAI’s Grievance Redressal Cell of the Consumer Affairs Department – Call the toll-free number 155255 (or) 1800 4254 732 or send an email to [email protected]
It is always advisable to ask some basic questions to understand if the caller is a genuine insurance agent. For instance, always ask if they are licensed to sell insurance or if they are registered insurance providers. You can also call the insurance company the caller claims to be from and confirm the authenticity of the caller.
A genuine insurance company representative will never ask for sensitive details such as your insurance policy details or your personal details. Lastly, always stay up to date with your policy information, be it the premium payments, the renewal date or any other changes, so that you are not caught unawares.
How to avoid insurance fraud?
The very first thing you, as a customer or a policyholder, can do to avoid insurance fraud is to be alert and avoid falling for fake insurance offers from fraud callers and scammers. Always verify the identity of the caller before answering any of their questions.
Next, avoid revealing any important or sensitive policy-related or payment-related information to them. A genuine insurance company or representative will never ask you for an upfront payment or attempt to sell a policy over a phone call or email.
Is there an insurance fraud hotline?
Yes. If you suspect an incident of insurance fraud or have been affected by a similar case, we would urge you to get in touch with us on the Tata AIA Life Insurance website’s grievance redressal page.
How do I report an insurance fraud claim?
You can connect with us directly on our website and report an insurance fraud claim if you suspect any such incident.
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