Insurance of life properties and
other risk factors are common features with day-to-day personal and business
affairs. Therefore, fraud action with regard to insurance and property is also commonplace.
Unless you are aware the facts related to fraud action in these domains, you
may fall victim to such a fraud that cause immense financial loss to your
person or to your business.
- Insurance Fraud
Fraud action related to online insurance
is said to occur when insurance companies receive false claims of insurance.
The claim is considered to be false if a person claims more than the actual
value of the loss or makes more than one claim for the same occurrence of loss.
There may be yet another instance of fraud when the fraudster deliberately
destroys certain properties or assets and lodge a claim with the insurance
company.
If a person is shown to undervalue his
property by reducing the insurance premium, it amounts to an insurance fraud.
Such fraudulent claim may include commercial, vehicles or household. Similarly,
a person may furnish fabricated or false information for getting insurance
coverage on more favorable terms of insurance reimbursement. This is especially
true if a fraudster, after taking over the online account of a person injured,makes
a claim for life assurance.
- Property Fraud
A fraud action for a property is said to occur when an offer is made to get rich quickly by investing in certain
property. Fraudsters are witty enough to arrange for some kind of group
gathering where various ways and means are presented to entice the prospective
investors. You may be persuaded to sign up for attending an online seminar or
workshop to acquire the know-hows to become rich overnight by investing in
different real estate and assets. Even fake persons may be presented to
describe their experiences that helped them to become rick quickly.
Some fraudsters may entice you by
offering the golden opportunity of buying properties at a considerably higher
discount, which can be subsequently be sold at a much higher price. Since it is
a speculative deal, you may be lured to invest all your hard-earned money. But
finally, you may find that land as derelict or agricultural. Consequently, in
most of the cases, the land may be found unsuitable or costlier for further
development. You may even be refused permission for developing the property.
Ultimately, instead of becoming quick-rich, you become sick financially.
There is another kind of fraud
action known as buy-to-let in which you get the offer of sourcing, renovating
and managing properties, with the assurance that there will be substantial
return in the shape of rental of the offered property. But ultimately, you may
find that the property is almost derelict and no tenant is coming forward for
taking it on rent.
Steps for Avoiding property Fraud
• Before paying for any seminar, get
references from a number of people, whether known or unknown.
• Before investing in any property,
physically see the condition of the land, get references from the local people
and find out if an application has been submitted for planning permission.
• In case you fall, a victim, ring to
084540405 to contact Consumer Direct.
• Financial Services Authority can also be
contacted
