Wednesday, January 28, 2009
Some of the most common vehicle theft fraud schemes include:
- Owner Give-Ups: The vehicle owner lies about the theft of his vehicle and then orchestrates its destruction to collect insurance money. He claims his vehicle was stolen, but then it is found burned or heavily damaged in a secluded area, submerged in a lake, or in extreme cases, buried underground.
- 30-Day Specials: Owners whose vehicles need extensive repairs oftentimes perpetrate the 30-day Special scam. They will report the vehicle stolen and hide it for 30 days -- just long enough for the insurance company to settle the claim. Once the claim is paid, the vehicle is often found abandoned.
- Export Fraud: After securing a bank loan for a new vehicle, an owner obtains an insurance policy for it. The owner reports the vehicle stolen to a U.S. law enforcement agency, but in reality it was illegally shipped overseas to be sold on the black market. The owner then collects on the insurance policy, as well as any illegal profits earned through overseas conspirators who sell the vehicle.
- Phantom Vehicles: An individual creates a phony title or registration to secure insurance on a non-existent vehicle. The insured then reports the vehicle stolen before filing a fraudulent insurance claim. Oftentimes antique or luxury vehicles are used in this scheme, since these valuable vehicles produce larger insurance settlements.
posted by transport blogs
@ 8:59 PM
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