How are insurance customers being cheated?
By making fraudulent calls, the fraudsters introduce themselves as agents of the insurance company, the conversations are so professional that the person does not even suspect anything and transfers the money within a few minutes. Actually, insurance related fraud is based on two things: incomplete information and pressure of hurry. Fake callers often have basic details like policy number, expiry date or bonus. Hearing this, the other person thinks that the call is real. Then the caller suddenly says, ‘If you do not renew today, the bonus will lapse’ or ‘The policy has lapsed, make payment immediately.’ In a hurry, people forget to do verification.