We’re committed to reducing financial crime by preventing, detecting and reporting fraud. This includes cooperating with other organizations to reduce opportunities for fraud and help you achieve and sustain success while selling our products and servicing customers.

What is fraud?

Fraud is any form of deceit, breach of confidence, or misrepresentation by which one party attempts to gain some unfair or dishonest benefit, or advantage they are not entitled to. This includes the manipulation of records to disguise the true components of a transaction. Athene does not support, and will not knowingly assist, in any activity that facilitates fraud.

Your responsibilities

As a producer, you play a vital role in the effort to prevent, detect and combat fraud. It’s important that you know the indicators of fraud and report suspected fraud for investigation.

You must comply with all laws, regulations, and guidelines that apply to company business to prevent the occurrence of fraudulent activities. Failure to comply may lead to disciplinary action, up to and including termination of your appointment.

Common Fraud Schemes

• Premium theft occurs when insurance premiums are not sent directly to the insurer but are misappropriated by another party.
• Lapping occurs when premiums are misappropriated, and the misappropriation is covered by crediting a fictitious customer’s account with another customer’s premium.
• Skimming occurs when premiums are stolen before the payments are credited into the customers’ accounts maintained by the insurer.
• Forgery occurs when policyholders’ signatures are forged to steal premiums and/or cash values of insurance contracts/policies.
• Churning occurs when customers are persuaded to terminate their existing contracts/policies and to purchase new ones for a second commission. Usually, the customer is unaware that he or she may lose money by switching to a new contract.

Producer training

Please keep in mind that there are states that require you as the producer to have anti-fraud training. For example, the Maryland Insurance Administration requires insurers to offer training in the recognition and referral of suspicious claims to independent producers who are licensed, appointed and residing in Maryland.

We encourage all our Producers, in all states, to review the following training materials which can be found on Athene Connect:

Fraud Red Flag Definitions
Fraud Red Flag Desk Reference
The Prevention and Detection on Financial Exploitation training.

Reporting

To report suspected fraud, exploitation, or any other suspicion, complete the Request for Compliance Review form (16751) and send it to amlfraudreferral@athene.com.