Identity Theft Archives - Page 2 of 3 - Consumer Insurance Guide

Ability to detect a con artist declines as people get older

By Consumer Insurance Guide Staff
December 6, 2012February 23, 2015

Part of the reason older people are more susceptible to fraud is they lose the ability to spot a dishonest face. Researchers at the University of California, Los Angeles, found that older people, more than younger adults, may fail to interpret an untrustworthy face as potentially dishonest. According to the study, the reason for this may lie in a particular region of the brain that influences the ability to discern who is honest and who…

Wallets and purses still key sources for identity thieves

By Consumer Insurance Guide Staff
November 29, 2012September 5, 2014

Despite increased adoption of online shopping, mobile payment and banking apps, offline methods are the top known causes of identity fraud. According to a new study from Travelers, stolen wallets and pilfered identifications account for 73 percent of all cases, according to a comprehensive study of 2011 Travelers claim data. Stolen or misplaced items, such as wallets and pocketbooks, accounted for the most common known causes for identity fraud. In the number two spot was a…

Keep credit card and identity thieves at bay during holidays

By Consumer Insurance Guide Staff
November 21, 2012September 5, 2014

As shoppers give their credit cards a hefty workout during the holiday shopping season, identity thieves would like to do the same. Fortunately there are simple protective measures consumers can take to reduce the odds of someone stealing their identity, according to the Insurance Information Institute. “The hustle and bustle of the holidays creates the perfect opportunity for thieves bent on stealing your credit cards or other financial information,” Jeanne M. Salvatore, senior vice president…

Watch out for cyber scams during online shopping

By Consumer Insurance Guide Staff
November 20, 2012December 5, 2012

It’s expected that 70 percent of Americans will shop online this holiday season. While technology might be convenient for them, it’s an opportunity for scammers as well. Cyber Scrooges will be working overtime and online shoppers face new threats on their mobile devices, email and the Internet itself, according to McAfee, the technology security company. It warns consumers to be wary of the most common “12 Scams of Christmas.” “Using multiple devices provides the bad…

Avoiding fraud after the storm

By Consumer Insurance Guide Staff
November 6, 2012June 19, 2014

After a major disaster homeowners are likely to be approached with contractors offering help, with some of them looking to take advantage of the situation. Homeowners must be alert to storm-chasing contractors who try to exploit the confusion after Hurricane Sandy by making shoddy repairs or stealing down payments, according to the Coalition Against Insurance Fraud. The coalition indicated that while most contractors are honest, shady contractors typically descend on disaster areas such as those caused…

Identity theft is on the rise

By Consumer Insurance Guide Staff
October 26, 2012November 6, 2012

Criminals continue to find innovative ways to steal personal information, causing consumers to look for ways to prevent and insure against it, according to the Insurance Information Institute. According to Javelin Strategy & Research, there was a 13 percent increase in this type of illegal activity in 2011. To protect against identity theft, it’s a good idea to review bank balances and credit card bills to confirm that all the transactions listed are legitimate. Consumers…

Insurance fraud impact greater than estimated

By Consumer Insurance Guide Staff
October 5, 2012October 16, 2012

The cost of insurance fraud is greater than previously estimated and is expected to grow in the future, according to a recent survey by the Property Casualty Insurers Association of America and FICO, a provider of predictive analytics and decision management technology. Forty-five percent of insurers estimated that insurance fraud costs represent 5-10 percent of their claims volume, while 32 percent said the ratio is as high as 20 percent. More than half (54 percent)…

Technology key to fight against insurance fraud

By Consumer Insurance Guide Staff
September 13, 2012September 27, 2012

Using anti-fraud technology could be an important part of combating insurance scams that are increasing in both numbers and organization. Predictive modeling and text mining will be the primary anti-fraud technology investments anticipated by insurers over the next two years, according to a survey by the Coalition Against Insurance Fraud. The coalition polled 74 U.S. insurance executives to understand how and to what extent insurers are using anti-fraud technologies. “The State of Insurance Fraud Technology” was…

Beware of debt cutting scams

By Consumer Insurance Guide Staff
September 7, 2012September 27, 2012

At a time when large numbers of Americans are struggling with debt, it’s no surprise they’d become targeted by scammers claiming to offer relief. Companies offering debt removal solutions and credit guidance are on the rise, but so are debt scams as well. Today there are a variety of debt-related scams that include debt counselors, identity theft and credit cards. 1st Financial Center is offering information for consumers about recent deceptive debt scams and tips…

Beware of scammers using healthcare information ruse

By Consumer Insurance Guide Staff
July 23, 2012July 23, 2012

A group of scammers are using the Affordable Care Act to try and dupe consumers into giving out information that can be used to steal their identities. According to the Federal Trade Commission, these scammers claim to be from the government and say that under the ACA they need to verify some information. For example, they might have the routing number of the person’s bank, and then use that information to get the person to reveal the…