Washington — Tough economic times give insurers all the more reason to be vigilant when it comes to fraud, and the FBI is helping with a new report based on data on a host of insurance crimes currently taking place.
Insurance fraud continues to be an investigative priority for the FBI's Financial Crimes Section, due in large part to the insurance industry’s significant status in the economy. The size of the insurance industry, (thousands of companies that collect nearly one trillion dollars in premiums each year) unfortunately, makes it a prime target for criminal activity; the Coalition Against Insurance Fraud (CAIF) estimates that the cost of fraud in the industry is as high as $80 billion each year.
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