Oct 15, 2024 — Fraudulent claims, also known as ghost claims, are a growing concern in the insurance industry. These false claims involve staged accidents and unnecessary surgeries and often involve many interconnected parties, such as lawyers and doctors. Fraudulent claims have a significant impact on businesses, leading to higher insurance premiums, financial strain, and a tarnished reputation. To mitigate the occurrence of fraudulent claims, businesses can implement pre-loss prevention measures, such as access control technology and safety consultants, or post-loss mitigation strategies, such as immediate response investigations and incident mitigation through surveillance.
By implementing fraud-detection measures, conducting thorough investigations, and establishing strong internal controls, solutions are available to help mitigate the risk of fraudulent claims and protect a company's financial resources and reputation.
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