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IRDA Warns Against Fraud Agents

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insurance fraud

IRDA has issued a warning against a new type of fraud committed by agents. More than 15 insurance companies have reported this fraud to IRDA on account of multiple calls from customers. Fraudulent agents have targeted customers with existing insurance policies for this new type of fraud.

Here, an agent calls up a customer with the customer’s personal and policy details. He portrays the original agent as a fraudster who has mis-sold a policy to gain huge commission from it. He also demands a few documents from the customer to prevent the fraud.

Unknowingly, the customer hands over the documents expecting a refund or bonus from the company. However, what happens in reality is that the customer ends up in buying a new policy and now holds 2 policies. These things happen mostly because agents are pressurized by companies to reach their targets. Similar frauds have taken place in high commission yielding products.

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