Latest news with #IIB
Time of India
6 days ago
- Business
- Time of India
Aadhaar-linked insurance fraud alert: Insurance scams on the rise; UP Police probe bogus claims using fake identities
Fraudsters are increasingly exploiting Aadhaar-linked identity systems to file bogus insurance claims, prompting a large-scale probe by the Uttar Pradesh Police and a renewed industry push to tighten oversight across health, life, and motor insurance sectors. According to officials, criminals have now moved beyond PIN code manipulation — a fraud technique previously used to bypass claim verification filters — and are forging Aadhaar documents to obtain insurance policies or process fictitious claims, ET reported. As of late July, UP Police have sent notices to multiple insurers, seeking details of claims executives and internal fraud-control teams involved in suspicious transactions. 'Aadhaar is emerging as the latest weak link in the fraud chain,' said Anukriti Sharma, Additional Superintendent of Police, Sambhal. 'Fraudsters have started creating fake identities using forged or manipulated Aadhaar cards to obtain policies and to initiate fictitious claims.' According to industry estimates, fraud accounts for 10–15% of total insurance claims in India. Many of these involve organised rackets that stretch from rural villages to hospital corridors, where vulnerable individuals are persuaded to share Aadhaar details in exchange for monetary incentives. The details are then used to purchase high-value policies, often with the help of small finance banks that offer minimal scrutiny. 'We have had 2–3 cases tied to the UP fraud,' said Krishnan Ramachandran, MD and CEO of Niva Bupa Health Insurance. 'Our fraud investigation team is actively involved. These cases often involve fake documents and coordinated efforts.' Insurers are now increasingly flagging suspicious data and reporting it to the Insurance Information Bureau (IIB), the sector's central fraud-monitoring agency. The IIB has been stepping up its use of analytics modules to detect patterns across claims and verify anomalies. One such module, which holds over 144 million records, helped identify 3 lakh potentially fraudulent life insurance cases involving a sum assured of Rs 1.73 lakh crore over the past five years. In several cases under investigation, police found that fraudsters altered Aadhaar-linked phone numbers and email addresses to prevent insurers from verifying claims with actual policyholders. These discrepancies often remain undetected until funds are withdrawn or a claim is processed. The probe also revealed that in many instances, claims were filed in the names of people who were either deceased or terminally ill, with syndicates using altered addresses to bypass blacklisted PIN codes. Policies of Rs 20 lakh or more were often involved. Stay informed with the latest business news, updates on bank holidays and public holidays .
Time of India
7 days ago
- Business
- Time of India
Aadhaar is new weak link in insurance
Mumbai: After manipulating PIN codes for over a decade, fraudsters have found a new way in the insurance system to exploit Aadhaar-linked processes for identity-based frauds. From motor insurance to health claims, criminals are now manipulating Aadhaar data through forged documents to file bogus claims. UP Police have, as of late July, sent out notices to several insurance companies to share details of the claims teams and other executives involved. These cases involve fake documents and coordinated efforts across banks and insurers. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Fraud in the insurance sector is estimated to be around 10-15% of the total claims made. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Compliance and Supply Chain Resilience - SupplierGateway SupplierGateway Learn More Undo Insurers are increasingly sharing the 'red-flag' data to the Insurance Information Bureau (IIB) to control it. "Aadhaar is emerging as the latest weak link in the fraud chain," said Anukriti Sharma, additional SP Sambhal. "Fraudsters have started creating fake identities using forged or manipulated Aadhaar cards to obtain policies, and to initiate fictitious claims." Live Events Investigations by UP Police have shown that not only are these criminals targeting life and health insurance policies with forged documents but are also running organised rackets for auto insurance. "We have had 2-3 cases tied to the UP fraud," said Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance. "Our fraud investigation team is actively involved. These cases often involve fake documents and coordinated efforts." Several life insurers and general insurers have reported instances where Aadhaar-linked phone numbers and email IDs did not match the policyholder's actual contact details, and these frauds go undetected until a claim is filed or money is withdrawn. In certain cases, police found that the syndicate members scout hospital corridors and rural villages for the most vulnerable or people already facing death or poverty. They convince families to hand over Aadhaar details, alter addresses to bypass blacklisted pin codes, and open accounts in their names using small finance banks with less oversight. Then came the life insurance policies where policies worth ₹20 lakh or more are taken. IIB has been stepping up efforts using several modules and platforms for fraud detection and prevention. For instance, one of the tools that stored 144 million records helped identify 300,000 potentially fraudulent life insurance cases, involving a sum assured of ₹1.73 lakh crore over five years.
Economic Times
7 days ago
- Business
- Economic Times
Aadhaar is new weak link in insurance
Synopsis Fraudsters are exploiting Aadhaar-linked processes in the insurance sector by manipulating data and forging documents to file bogus claims across motor, health, and life insurance. Investigations reveal coordinated efforts involving fake identities, altered addresses, and exploitation of vulnerable individuals. Insurers and the IIB are enhancing fraud detection measures to combat these evolving tactics. Agencies Mumbai: After manipulating PIN codes for over a decade, fraudsters have found a new way in the insurance system to exploit Aadhaar-linked processes for identity-based frauds. From motor insurance to health claims, criminals are now manipulating Aadhaar data through forged documents to file bogus Police have, as of late July, sent out notices to several insurance companies to share details of the claims teams and other executives involved. These cases involve fake documents and coordinated efforts across banks and insurers. Fraud in the insurance sector is estimated to be around 10-15% of the total claims made. Insurers are increasingly sharing the 'red-flag' data to the Insurance Information Bureau (IIB) to control it."Aadhaar is emerging as the latest weak link in the fraud chain," said Anukriti Sharma, additional SP Sambhal. "Fraudsters have started creating fake identities using forged or manipulated Aadhaar cards to obtain policies, and to initiate fictitious claims." Investigations by UP Police have shown that not only are these criminals targeting life and health insurance policies with forged documents but are also running organised rackets for auto insurance."We have had 2-3 cases tied to the UP fraud," said Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance. "Our fraud investigation team is actively involved. These cases often involve fake documents and coordinated efforts."Several life insurers and general insurers have reported instances where Aadhaar-linked phone numbers and email IDs did not match the policyholder's actual contact details, and these frauds go undetected until a claim is filed or money is certain cases, police found that the syndicate members scout hospital corridors and rural villages for the most vulnerable or people already facing death or poverty. They convince families to hand over Aadhaar details, alter addresses to bypass blacklisted pin codes, and open accounts in their names using small finance banks with less oversight. Then came the life insurance policies where policies worth ₹20 lakh or more are has been stepping up efforts using several modules and platforms for fraud detection and prevention. For instance, one of the tools that stored 144 million records helped identify 300,000 potentially fraudulent life insurance cases, involving a sum assured of ₹1.73 lakh crore over five years.
Business Times
18-06-2025
- Business
- Business Times
Malaysia hopes to draw back talent to power JS-SEZ
[SINGAPORE] Malaysia hopes to draw back some of the hundreds of thousands of Malaysians who cross the causeways daily, by tapping them to power the Johor-Singapore Special Economic Zone (JS-SEZ), said panellists on Wednesday (Jun 18). However, Idzham Mohd Hashim, president and chief executive officer of Iskandar Investment (IIB), stressed that this was not about competing with Singapore, but about creating a 'symbiotic relationship' that benefits both countries. He was speaking on a panel titled 'Johor Focus: Building the Future with JS-SEZ', alongside Mohd Noorazam Osman, CEO of the Iskandar Regional Development Authority (IRDA) and former mayor of Johor Bahru. The discussion was part of the Nikkei Forum held in Medini, Johor, and moderated by the Japanese news organisation's senior producer Kaori Takahashi. IIB is leading the infrastructure development in the JS-SEZ, while IRDA oversees planning and coordination. The agreement to establish the SEZ was signed by Singapore and Malaysia in January with the aim of having both countries work together to attract new investment projects from around the world. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The SEZ covers an area of more than 3,500 sq km, roughly four times the size of Singapore. Idzham said that while the zone's infrastructure – including roads, power supply, and fibre optic networks – is already in place, what is still missing is the 'software'. 'Most of the businesses who come here… they ask: 'Do you have (the) talents?'' said Idzham. 'We do have (the) talents, because 300,000 of them go to Singapore every day.' Both Idzham and Noorazam pointed to plus points in Johor that could woo back these residents, such as more industry-relevant training, increased job opportunities through business expansion, and the lower cost of living in the state. For instance, Noorazam said the Johor Talent Development Council is working with academic and vocational institutions, as well as industry players, to ensure that training matches demand. While he did not go into detail, he added there are also plans to offer tax incentives and to work towards a minimum starting salary of RM4,000 (S$1,210) for graduates in Johor. He added that investors should see the lower wage expectations – at around 50 to 75 per cent of Singapore's salary levels – as part of the SEZ's broader cost advantage. In a separate panel discussion at the forum titled 'Building Digital Nations: Innovation, Inclusion and Impact' – which mostly focused on retaining talent in Johor – Johor Corp's chief talent officer Najmie Noordin acknowledged that it will be an uphill task to bring Malaysians working across the border back home. He noted that it would be difficult to convince Johoreans earning the equivalent of RM15,000 in Singapore to return for just RM5,000. Moderator Brian Fernandez, CEO of BizTech Asia, pointed out that many of these Johoreans – 'the cream of the crop' – work in the Republic purely for the higher pay. However, he added, many would also be willing to stay if salaries were even half of those in the city-state, especially given the daily grind of commuting. In any case, Najmie noted that one plan is to develop more high-quality local talent and encourage them to stay, as well as attract workers from other parts of Malaysia, such as Melaka. Responding to the discussion, Fadzli Abdul Wahit, head of digital transformation at Malaysia Digital Economy Corporation, said that efforts to retain talent must also focus on understanding industry demand. Rather than compete directly with advanced economies, Malaysia should identify niche opportunities, such as supplying digital assets to mature gaming and animation markets such as Japan and South Korea, where such content is in short supply, he added. Even so, panellists discussing the JS-SEZ maintained that Johor's cost and location advantages make it a compelling base for companies looking to scale up. Idzham noted that the cost of doing business in Johor is nearly 60 per cent lower than in Singapore, and about 30 per cent lower than in Kuala Lumpur – a key advantage for companies looking to expand across the border to grow their businesses. As for what Singapore brings to the table, Noorazam highlighted its global networks and financial strength. He added that Johor's vast land availability, affordability and talent pool make it a natural partner. In response to Takahashi on how the JS-SEZ would shape Johor's future as an innovation hub, Idzham said that the master plan for Medini is focused on business tourism, research and development (R&D), and environmental, social and governance-led urban development. The plan includes a new convention city near Legoland, a tech zone for R&D, and a net-zero carbon business district, with support from universities, the government and industry players. 'We should look at both Johor and Singapore as one growth area,' noted Noorazam. 'The JS-SEZ… can become the gateway to Asean, a market of 700 million people.'
Free Malaysia Today
18-06-2025
- Business
- Free Malaysia Today
JS-SEZ safe bet for investors amid global tensions, says Iskandar Investment CEO
IIB president and CEO Idzham Hashim said Johor's strategic location and political stability have helped it remain among Malaysia's top three destinations for foreign direct investment in recent years. ISKANDAR PUTERI : The Johor-Singapore Special Economic Zone (JS-SEZ) offers investors a secure proposition amid growing global uncertainty, Iskandar Investment Bhd (IIB) president and CEO Idzham Hashim said today. He said Johor's strategic location and political stability had helped it remain among Malaysia's top three destinations for foreign direct investment in recent years. 'Despite the fact that many politicians all over the world are trying to make the world smaller, the majority believe globalisation is key to uplifting the quality of life. 'Because of our location and the strong relationship between Malaysia and Singapore – and Malaysia's good relationship with all nations – we are in a good position to capitalise on this,' he said at the Nikkei Forum Medini Johor 2025 co-organised by IIB here today. Idzham said in today's uncertain political climate, the formalisation of JS-SEZ had been crucial to ensuring its long-term competitiveness. The zone was formally established in January through an agreement between Malaysia and Singapore to boost economic connectivity between the state and the republic. It aims to attract 100 projects worth RM100 billion and create about 100,000 jobs in high-value sectors such as manufacturing, digital economy, logistics, clean energy, and tourism over the next decade. Spanning nine flagship zones, including Iskandar Malaysia and Pengerang, JS-SEZ offers competitive tax incentives and streamlined regulations to attract global investors. The initiative has begun to draw strong interest from investors in Japan, South Korea, China and Europe, positioning Johor as a strategic gateway to the Asean market. Idzham said the region's relatively low operating cost made it especially appealing. 'The cost of doing business in Johor is almost 60% cheaper than in Singapore and almost 30% cheaper than in Kuala Lumpur. 'We have the ability to help (Singaporean businesses) scale up, reduce their cost of doing business, and give them the space they need to grow,' he said. At a time when cross-border dynamics are easily politicised, Idzham reframed Johor-Singapore ties as collaborative rather than competitive. He said the two neighbours, separated only by the Johor Strait, each brought unique strengths to the table and complemented one another economically.
