The Fraud Triangle shows why there is an element of fraud that can and will arise out of this unfortunate crisis.
All types of insurance claims are expected to be on the rise with the current COVID-19 pandemic and economic climate according to the National Insurance Crime Bureau (NICB), Coalition Against Insurance Fraud (CAIF) and the International Association of Special Investigations Unit (IASIU).
We have to recognize that fraud is more prevalent during these times. Even with mandated stay at home orders, quarantines, and social distancing, many will still step outside of these boundaries given the uncertainties we face with a down-turned economy.
Those who look for opportunities will exploit these times of crises and rationalize their actions. Those who would not normally look for opportunities to commit fraud may feel the increasing pressure of their needs and rationalize an action they would not normally take.
We want you to know we are here when fraud is suspected. Contact us to discuss any questions and our services.