or free churning, which is excessive trading by a stockbroker to maximize commissions. Other forms of insurance fraud include asset diversion, workers' compensation fraud, car accident fraud, stolen or damaged car fraud, and house fire fraud. The motive behind insurance fraud is financial ...
There are also industry-specific privacy guidelines in some countries: for instance, in the United States, the Health Insurance Portability and Accountability Act (HIPAA) governs how personal healthcare data should be handled. However, many privacy advocates argue that individuals still do not have ...
AI is important for its potential to change how we live, work and play. It has beeneffectively used in businessto automate tasks traditionally done by humans, including customer service, lead generation, fraud detection and quality control. In a number of areas, AI can perform tasks more effic...
Identity theft is a crime in whichsomeone steals your personal information, usually with the intent to commit fraud.The definition of identity theft includes many types of personal information and resulting fraud, ranging from financial theft to the use of a victim’s data to receive medical treat...
Since, in a health insurance plan, the insurance provider does not pay for the entirety of your yearly medical costs, you have to pay a certain portion of these costs from your pocket. The deductible is one of these out-of-pocket payments. Before your insurance kicks in, you must first ...
Such an organisation is sure to be a victim of a data breach, if not multiple breaches. After an audit of cybersecurity infrastructure, it’s time to shop for a policy by contacting various insurance companies. Every company will have their own policy standards, exceptions and costs. So ...
Now the users’ credentials have been stolen, and are used to take over accounts. Attackers then use this information to commit fraud, hold information ransom, with the goal of financial gain. The common element among phishing attacks is the disguised identity of the attackers. In phishing attac...
Fail to withhold federal income tax or FICA (Federal Insurance Contributions) taxes from employee paychecks Fail to report and pay any withheld payroll taxes Tax Fraud vs. Negligence or Avoidance For example, claiming an exemption for a nonexistent dependent to reduce tax liability is clearly fraud...
Businesses get a variety of insurance plans to protect the organization, its owners and the employees. Among them is fidelity insurance, which essentially covers the business in case it's victimized by employee theft and embezzlement.
Accounting fraud is the intentional manipulation of financial statements to create or hide corporate transactions or create a false appearance of financial health. It can involve individuals or groups of managers, accountants, and other employees in an organization, misleading investors and shareholders, ...