RICHMOND, Va. – As part of their mission to "Stamp Out Fraud", the Insurance Fraud Division of the Virginia State Police has established a reward fund paying up to $25,000 for information leading to the arrest of individuals who commit insurance fraud in the state of Virginia.

Insurance fraud is like magic. They both involve trickery and sleight of hand, but unlike a magic show that only costs the price of admission, insurance fraud costs each Virginia household at least $1,000 a year.

When anyone tries to make money from insurance transactions by deception, that is insurance fraud; and according to the Coalition Against Insurance Fraud, it’s the second most costly white collar crime behind tax evasion. It’s been estimated that insurance fraud costs the U.S. nearly 80 billion dollars a year.

Examples of insurance fraud include inflating the value of an item on a legitimate claim, claiming a non-existent item, "slip and fall" schemes with faked injuries, staged automobile accidents, arson, and fake or exaggerated on-the-job injuries.

To report suspected insurance fraud, call the Insurance Fraud Hotline at 877-62FRAUD (877-623-7283) or visit www.stampoutfraud.com. To be eligible for a reward, mention the reward fund. Insurance professionals, the perpetrator or co-perpetrator of the crime, the crime victim, and Virginia sworn law enforcement officers, jailers, corrections officers and members of their immediate family are ineligible for a reward. Only property and casualty lines of insurance will be considered.