RD101 - 2017 Annual Report on the Insurance Fraud Program
Insurance fraud is a widespread crime that affects us all. The financial impact of insurance fraud is heavy. More than $2.4 million in fraudulent insurance claims were collected in Virginia in 2017, and insurance fraud is estimated to cost Americans more than $80 billion each year. And these costs don't stop with insurers. False claims against insurance companies ultimately mean increased premiums for individuals. Which is why the Virginia State Police Insurance Fraud Program (IFP) is in its nineteenth year of continuing to Stamp Out Fraud in the Commonwealth.
Working alongside law enforcement and commonwealth's attorneys to investigate and prosecute insurance fraud cases is a cornerstone of the success of the IFP. In 2017 alone there were 676 investigations initiated, $11.3 million in attempted insurance fraud claims and $402,822 in restitution; all an increase from 2016. The IFP provides resources to law enforcement and other insurance professionals by assisting with investigations and hosting training and continuing education programs.
The IFP also provides a great deal of public outreach. Through multiple channels of communication, the IFP provides citizens with information on how to identify these crimes, what to do if they suspect insurance fraud is being committed and ways to protect themselves from becoming a victim. Raising awareness of the IFP and educating citizens about the negative effects of insurance fraud are instrumental strategies for public participation in stamping out fraud.
Citizens can join law enforcement in pushing back against insurance fraud. Anyone with knowledge of suspected insurance fraud can submit an anonymous tip by logging onto StampOutFraud.com or calling (877) 62-FRAUD. Tips that lead to arrests can potentially earn an award of up to $25,000.
With the help of the commonwealth's attorneys, citizens and the insurance industry, the Virginia State Police Insurance Fraud Program can Stamp Out Fraud.
/s/ Colonel Gary T. Settle