Zalma’s Insurance Fraud Letter – May 1, 2018

 Zalma’s Insurance Fraud Letter

 May 1, 2018

How Much Does Fraud Cost? 

In the 2018 Report to the Nation published by the Association of Certified Fraud Examiners an attempt is made to quantify the cost of fraud in the world which is available for free download.

The report starts with a projection of total fraud losses.

In doing so the ACFE recognizes that its decision is based on imperfect data. Even with these limitations on projecting the total amounts lost to fraud, however, we know that such a projection has an important place in the fight against fraud. Consequently, the ACFE asked survey participants, based on their professional experience, what percentage of revenues they believe a typical organization loses to fraud each year. The median response provided by these CFEs is that organizations lose 5% of their annual revenues to fraud. While this number is only a general estimate based on the opinions of the CFEs who took part in our study, it represents the collective observations of more than 2,000 anti-fraud experts who together have investigated hundreds of thousands of fraud cases. To place their estimate in context, if the 5% loss estimate were applied to the 2017 estimated Gross World Product of USD 79.6 trillion, it would result in a projected total global fraud loss of nearly USD 4 trillion. To be clear, this number is only an estimate and, given the limitations it is unlikely anyone will ever be able to calculate the true cost of fraud on a global scale. But we can be certain that the amount of damage is incredibly large, and this estimate, provided by anti-fraud professionals who work to prevent and detect fraud on a daily basis, helps give  us some insight into just how big the problem may be.

The Current Issue Contains the Following

  • The Burning Bed
  • May 1 is Law Day In the U.S.A.
  • How Much Does Fraud Cost?
  • The Third Largest Insurance Market in the World Also the Market for Insurance Fraud Perpetrators
  • Florida CFO Releases List of Top 10 Most Wanted Insurance Fraudsters
  • Good News From the Coalition Against Insurance Fraud
  • Physician Heal Thyself – in Prison
  • Health Insurance Fraud Convictions
  • Chutzpah” by an Arsonist
  • Other Insurance Fraud Convictions
  • Zalma Books

New Insurance Books by Barry Zalma

  • The Compact Book on the Commercial Property Insurance Policy
  • Insurance Fraud & Weapons to Defeat Insurance Fraud – Volumes One and Two
  • Rescission of Insurance
  • Ethics for the Insurance Professional
  • Random Thoughts on Insurance – A Collection of Blog Posts from Zalma on Insurance)
  • The Insurance Examination Under Oath
  • The Compact Book on Adjusting Liability Claims
  • The Compact Book on Adjusting Property Claims
  • The California Fair Claims Settlement Practices Regulations.
  • The California SIU Regulations.
  • Passover Seder for Americans” An All English – Easy to Perform – Passover Seder Paperback

Now available as Kindle or paperback books are the following fiction pieces on insurance matters:

  • Heads I Win, Tails You Lose
  • Arson for Profit
  • Murder & Old Lace
  • Murder and Insurance Fraud Don’t Mix
  • Candy & Able – Murder for Insurance Money
  • The Runt – a short story
 The most recent posts to the daily blog, Zalma on Insurance, are available at  http://zalma.com/blog.

Check in every day for a case summary at http://zalma.com/blog:
I have completed a video blog called that consist of 1022 three to four minute videos starting with “What is Insurance” and moving forward to insurance fraud investigations explaining the basics of insurance and insurance claims handling in a painless fashion that can be viewed every morning with the first cup of coffee at  Zalma’s Insurance 101.

The videoblog is adapted from my book, Insurance Claims: A Comprehensive Guide available at the Zalma Insurance Claims Library.
Some of the 1,022 videos follow: If you start at Volume 1 at the bottom of the blog’s first page and view one or two videos a day you will have approximately 12 to 24 hours of training a year until you get to the last video.

Are you a lawyer, law firm, independent insurance adjuster or insurer who would you to promote yourself or your firm to more than 200 daily visits by insurance professionals or the more than 2000 subscribers to ZIFL?
If you are, an ad on the blog Zalma on Insurance or Zalma’s Insurance Fraud Letter, to such a selective audience of insurance professionals and management can be more effective than any other form of advertising.
For only $100 a month on the blog or $100 an issue on ZIFL your ad will be permanent and effective.

    Regards,

    Barry Zalma  
     Barry Zalma, Inc.
    (c) 2018, Barry Zalma & ClaimSchool, Inc.

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    About Barry Zalma

    An insurance coverage and claims handling author, consultant and expert witness with more than 48 years of practical and court room experience.
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