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Fraud Schemes terms
Staged accidents and organized rings.
Garaging addressThe address where a car is mainly parked overnight, which insurers use to price a policy and which must be reported accurately.Hard fraudDeliberately staging or inventing a loss, such as a fake crash, arson or false theft report, in order to collect insurance money.Insurance fraudDeceiving an insurer, or a policyholder, for financial gain, from staged crashes and padded claims to fake policies and lies on applications.Soft fraudOpportunistic insurance fraud by otherwise honest people, such as padding a real claim or giving false details to lower a premium.Staged accidentA crash deliberately caused or faked to file fraudulent insurance claims, often by organized rings of drivers, passengers and complicit providers.Swoop and squatA staged-crash scheme in which one car swerves in front of a victim and a second car brakes hard, causing a rear-end collision.