Terry Gerton Most of us know the Secret Service from either what we see on TV or what we think about in terms of protective details, but the Secret Service has a really important law enforcement function, especially when it comes to financial crimes. So tell us first about that role and those responsibilities.
Michael Peck As you said, we’re primarily known for protection, and whether it’s the president, the vice president or dignitaries, the Secret Service is the leading agency for that, for the U.S. But on the other side of the house, as part of our dual mission, we are charged with financial crimes protections. The Secret Service really was started because of that in 1865 to, at the time, fight counterfeiting, and we have progressed from there to protecting the financial infrastructure of the United States.
Terry Gerton You just put out a new report talking about the investigative…
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.