WASHINGTON, D.C. – The Consumer Bankers Association (CBA) is proud to recognize the following lawmakers as Fraud Fighters for their important work to combat fraud and scams – helping to protect Americans from criminals and financial hardship. This week, CBA Fraud Committee Chair and EverBank Senior Vice President Patrick McDade will also testify before Congress on how banks and lawmakers can work together to further combat fraudsters and scammers.
“Fraud has surged at an alarming rate, affecting American consumers’ ability to afford necessities and causing further emotional pain,” CBA President and CEO Lindsey Johnson said. “Banks spend billions of dollars and thousands of man hours each year working to protect consumers from fraud and scams. CBA has long called for federal action to protect consumers from fraud and scams, hosting roundtables with policy experts, and publishing…
Insurance fraud involves making false or exaggerated claims to an insurance provider.
- Hard Fraud: Someone deliberately causes a loss (e.g., setting fire to a warehouse or staging a car accident) specifically to collect a payout.
- Soft Fraud: More common and often viewed as “victimless” by the perpetrator. It involves exaggerating a legitimate claim, such as overstating the value of stolen items in a home burglary to cover the deductible.