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fraud

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How the industry is tackling insurance fraud

April 12, 2019 by Jason Contant

Insurers need to work with regulators and other carriers to help fight the growing problem of insurance fraud, industry professionals say. Industry statistics show that insurance fraud costs $1.6 billion each year in Ontario alone. “As government reflects on the

News ClaimsInsurance

Is Aviva-Desjardins fraud collaboration the dawning of a new era?

March 19, 2019 by Jason Contant

Could an insurance fraud collaboration between the second and third largest insurers in Canada herald the beginning of a broader trend across the industry? “Hopefully, this is laying the foundation for great, big things to come,” said Ashish Bhargava, vice

News ClaimsInsurance

Public insurer’s Top 5 fraud cases of 2018

January 9, 2019 by Jason Contant

Manitoba Public Insurance (MPI) has released its annual Top 5 list of insurance fraud cases for 2018. The list is compiled based on the unique circumstances of each fraud, financial savings to MPI ratepayer and “investigative excellence in unearthing the

News ClaimsInsuranceLegislation / Regulation

Insurer pushing for new auto fraud laws

December 5, 2018 by Greg Meckbach

A major insurer is calling for new laws prohibiting various forms of auto insurance fraud in Ontario. “As an industry we need a new set of provincial offences that will allow for the efficient and effective prosecution of fraud,” said

News InsuranceLegal

Top 5 signs an insured may be committing address fraud

September 20, 2018 by Jason Contant

There are countless “red flags” that insurers should examine to help determine if a claimant is committing address fraud, an insurance defence lawyer said Tuesday at the Canadian Association of Special Investigation Units’ (CASIU) 2018 Fraud Conference in Toronto. Andrew

News InsuranceLegal

Auto fraud getting worse, insurer says

August 21, 2018 by Greg Meckbach

Manitoba Public Insurance Corporation (MPI) is reporting an increase in auto insurance fraud, including false claims for income replacement benefits. “Disturbingly, the corporation’s special investigation unit is seeing an increase in fraudulent activity,” the province’s public auto insurer reported Friday.

News LegalTechnology

Cyber tip to keep your large retailer clients secure

July 22, 2018 by Greg Meckbach

Computer systems that many retailers use to accept payment and manage inventory can pose a liability risk if they store credit card numbers, and the “ultimate” solution could be expensive. Many “point-of-sale” systems are installed on computers running Microsoft Corp.’s

News InsuranceLegalTechnology

How much ICBC expects to save by using new anti-fraud software

May 31, 2018 by Jason Contant

The Insurance Corporation of British Columbia (ICBC) expects to save $43 million this fiscal year and another $59 million the following fiscal year by using specialized anti-fraud software that the public insurer implemented in 2017. “And that’s on top of

News ClaimsInsuranceLegalMarkets / Coverages

This percentage of consumers believe auto insurance fraud is an “accepted practice”

May 28, 2018 by Jason Contant

Nearly half of customers polled for an Insurance Corporation of British Columbia (ICBC) survey believed that committing auto insurance fraud is an “accepted practice” in B.C., with most saying that claims contain an “element” of fraud. The survey of 1,373

News Legal

BMO and CIBC’s Simplii warn fraudsters may have accessed data of 40,000 clients

May 28, 2018 The Canadian Press

TORONTO – Two of Canada’s biggest banks are warning that “fraudsters” may have accessed certain personal and financial information from some customers. The Bank of Montreal said fraudsters contacted the bank on Sunday claiming to be in possession of certain

News InsuranceLegislation / RegulationTechnology

Dozens of North American securities regulators target cryptocurrency schemes

May 23, 2018 The Canadian Press

TORONTO – Dozens of North American securities regulators have joined forces to investigate and warn investors about cryptocurrency-related schemes. Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commission, which issued a release

News ClaimsInsuranceLegal

Claimant makes incorrect proof of loss statement: Error? or “Wilfully false”?

May 10, 2018 by David Gambrill

A claimant does not have to intend to deceive an insurance company in order to make a “willfully false statement” on a proof of loss, thus voiding the insurance policy, an Ontario court has ruled. In Pinder v. Farmers’ Mutual