Insurance Fraud Facts
What is insurance fraud?
Insurance fraud is any act of making money or attempting to make money from insurance transactions through cheating, lying, deceiving or stealing. In the United States, insurance fraud is estimated to cost consumers more than $80 billion each year.
How does insurance fraud affect me?
Fraudulent insurance claims in Virginia exceed $20 million each year and millions more in fraudulent claims are attempted. Insurance fraud is estimated to add as much as $1,000 to the cost of goods and services. For more statistics, view our annual reports.
What should I do if I suspect insurance fraud?
Dial 911 for an emergency. If you have suspicions about an act of insurance fraud, you can submit a confidential tip. Your information could help prevent insurance fraud, and tips leading to arrests are eligible for rewards of up to $25,000.
Am I ready to help Stamp Out Fraud?
Test your knowledge by taking the Stamp Out Fraud quiz! See if you can spot the signs of insurance fraud, and if you know how to protect yourself and others from becoming victims.