Insurance Fraud: An $80 Billion Per Year Industry

Purposefully spilling that cup of drive-through coffee on yourself could land you in hot water.

files with words law investigations and fraud

It’s tough times out there. Many people are looking for ways to generate some sort of income, and quickly! More than a handful are turning to illegal means, and insurance fraud is one of the most costly and problematic scams that people attempt. 

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Though anti-fraud technologies progress each year, many insurers still feel uncomfortable with the level of fraud they have to deal with. The deception occurs across industries—from the medical sector and worker compensation to personal property—and it costs billions of dollars annually.

The sheer number of people taking a stab at swindling insurance agencies makes it much more difficult for those actually harmed to have their claims honored. With the condition of healthcare in the United States, why make the rest of someone else’s life harder by engaging in a practice like medical identity theft? 

If you want to make a lot of money in a short amount of time, insurance fraud just isn’t worth it. Maybe try walking your neighbor’s dog or finally submitting your application to become a rideshare driver. It’s better than landing in prison or ending up to your (supposedly broken in an automobile collision) neck in fines. 

For some shocking statistics on insurance fraud, including the astonishing costs per year, check out the infographic below.

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