Latest news with #NICB
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
NICB Warns Central North Carolina About Potential Contractor Fraud After Tropical Storm Chantal
OAK BROOK, Ill., July 18, 2025 /PRNewswire/ — Tropical Storm Chantal has led to flooding in Central North Carolina resulting in homes, schools and businesses being destroyed or severely damaged. In response to this catastrophic weather event, the National Insurance Crime Bureau (NICB), the nation's leading non-profit association dedicated to preventing insurance fraud and crime, is warning residents and business owners about potentially fraudulent contractors who prey on consumers in disaster areas. NICB agents are currently coordinating with local, state and federal law enforcement agencies, as well as NICB member insurance companies, to aid in the recovery process and support residents in preventing fraud. As first responder efforts subside, NICB agents will deploy in the region to assist our partners in combating any fraud that arises as the rebuilding process begins. 'North Carolina has declared a state of emergency in the aftermath of Tropical Storm Chantal,' said Bill Woolf, Mid-Atlantic regional director, NICB. 'As the conditions begin to improve, it is crucial for residents to be mindful that some contractors may promise help, ask for the assignment of benefits, and after being paid, disappear, never to be heard from again. Knowing the warning signs of potentially untrustworthy contractors can protect vulnerable citizens and deter this type of crime.' Fraud schemes may come from companies or individuals promising debris and tree removal, home construction and medical services. NICB urges affected residents to do their due diligence, check in with their insurance carrier and verify the credentials of anyone they plan to hire for a service. Common red flags include high-pressure sales tactics via door-to-door solicitation, online or by phone. Additionally, pushing residents to sign contracts on the spot – often with multiple blank spaces in them – demanding payment upfront, and even requiring an Assignment of Benefits agreement which transfers insurance rights to the contractor can be signals to double check credentials and credibility. NICB offers consumers a free downloadable contractor checklist available via this link: Other best practices include: Before a disaster Understand what's covered in your insurance policy Get a list of reputable contractors from your insurance carrier After a disaster Don't succumb to pressure from a contractor Be wary of door-to-door contractors Call your carrier or BBB to verify contractor Get multiple bids for work Never pay cash up front Never accept a verbal agreement Additional resources and information about hiring reputable contractors can be found by visiting Or, to report potential fraud call NICB's hotline at 1-800-TEL-NICB. About the National Insurance Crime Bureau: Headquartered in Oak Brook, Ill., the National Insurance Crime Bureau (NICB) is the nation's leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. To learn more, visit
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
NICB President and CEO David J. Glawe Testifies to U.S. Senate Committee on the Judiciary on Unprecedented Threat of Cargo Theft
Glawe Urges Passage of Combating Organized Retail Crime Act OAK BROOK, Ill., July 15, 2025 /PRNewswire/ — David J. Glawe, President and CEO of the National Insurance Crime Bureau (NICB), the nation's leading non-profit association dedicated to preventing insurance fraud and crime, testified Tuesday before the United States Senate Committee on the Judiciary in its hearing, 'Beyond the Smash and Grab: Criminal Networks and Organized Theft.' The hearing focused on bolstering federal efforts to dismantle transnational crime rings which drove an unprecedented surge in cargo theft in recent years and highlighted the need for Congress to adopt the Combating Organized Retail Crime Act (CORCA). In his testimony, Glawe leveraged NICB's unique position at the intersection of the insurance industry and law enforcement, as well as his more than three decades of law enforcement and national security experience, to highlight how cargo theft has escalated to historic levels and become a vector for transnational criminal activity. 'Most cargo thefts are not the result of small operations, rather they are committed by well-funded, sophisticated criminal businesses,' Glawe said. 'These criminal networks are exploiting supply chain vulnerabilities and abusing new technologies to finance other illicit activities, including drug and weapons trafficking and terrorism. The impacts are felt on kitchen tables across the country through higher prices.' Six to eight incidents of cargo theft occur every day, with an average value per theft of more than $200,000. In the last 18 months, NICB has assisted in over 240 cargo crime investigations, leading to more than 70 recoveries valued at nearly $40 million. Since 2022, NICB has opened an average of 150 commercial cargo crime cases per year. NICB agents play a crucial role in coordinating with local, state and federal law enforcement agencies, as well as NICB member insurance companies, to aid in investigations of organized crime and other bad actors involved in cargo theft. Key points emphasized in Glawe's testimony: The U.S. is experiencing a historic spike in cargo thefts: The value of stolen merchandise and estimated losses broke the $1 billion mark for the first time in 2023, going on to increase 27% in 2024. These figures are projected to increase another 22% by the end of 2025. Transnational criminal organizations are reaping the rewards: Through cyber-enabled logistics manipulation and new methods of identity theft, cargo theft has gone unchecked for too long. Stolen goods are often used to fund darker criminal enterprises: Items ranging from everyday consumer goods to high-end luxury are sold in illicit markets, fueling drug trafficking, arms dealing and terrorism. NICB and law enforcement collaborate closely to counter cargo theft: NICB's special agents and intelligence analysts maintain strong relationships with federal, state and local law enforcement to investigate and dismantle organized cargo theft rings to recover stolen goods. Support for CORCA (S. 1404): Glawe reaffirmed NICB's support for the Combating Organized Retail Crime Act to expand federal coordination and enforcement capabilities in investigations of interstate and transnational theft. Voices across the private and public sectors joined together to acknowledge that the only way to stop cargo theft is through a concerted effort from all affected industries, levels of law enforcement, policymakers and the public. The committee also heard testimony from Donna Lemm, Chief Strategy Officer at IMC Logistics, Scott McBride, Chief Global Asset Protection Officer at American Eagle Outfitters, and Summer Stephan, District Attorney of San Diego County and President of The National District Attorneys Association. If you suspect potential cargo theft, call local law enforcement, your insurance carrier and NICB's hotline at 1-800-TEL-NICB. To learn how to help deter cargo theft visit About the National Insurance Crime Bureau: Headquartered in Oak Brook, Ill., the National Insurance Crime Bureau (NICB) is the nation's leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. To learn more, visit
Yahoo
10-07-2025
- Automotive
- Yahoo
Here's the most stolen car in Florida and why it attracts car thieves. How to prevent it
Your new car that you love so much? Car thieves might like it, too. There were more than 850,000 vehicles stolen in the United States in 2024, according to the National Insurance Crime Bureau, and some models are more likely to get boosted than others. The most stolen vehicle last year, for the second year in a row, was the Hyundai Elentra, the NICB said, with nearly 32,000 jacked. Just behind that was the Hyundai Sonata (26,720). That can be important to know for anyone buying a new vehicle, since high theft rates can mean higher insurance premiums on top of the costs of replacement, the massive inconvenience and the personal violation. What about in Florida? FinanceBuzz went through the NICB data to find the most stolen vehicle in each state. In Florida, that was also the Hyundai Elantra, with 1,074 reported stolen in 2024. The Elentra is an economical compact sedan although the U.S. Environmental Protection Agency classifies some models as mid-size sedans. Elentra models have been chosen as the North American Car of the year in 2012 and 2021. We weren't alone. The Elantra also was the most popular car for thieves in 20 other states. After that, thieves grabbed trucks like the Chevrolet Silverado (most stolen in 9 states) and Ford F-150 (most stolen in 6 states), FinanceBuzz said. Blame it on social media. After people noticed that many Hyundais and Kias lacked anti-theft immobilizers — electronic security devices that prevent an engine from starting without a smart key or fob — videos began to spread across YouTube and TikTok showing how to start their engines with a screwdriver and a USB cable. That led to a sudden increase and thefts from a viral TikTok car-stealing trend called the "Kia Challenge" and groups like the "Kia Boys." Hyundai and Kia settled a $145 million class action suit in 2023 for the thefts, which was estimated to cover about 9 million affected vehicles. Hyundai and Kia thefts spiked during the pandemic, but started dropping again after an aggressive program of free software upgrades, reinforced ignition cylinder protectors added in models after 2021, and reimbursement. Fighting the Kia Challenge: How effective is the Hyundai, Kia anti-theft software? New study offers insights. The changes seem to be helping. Despite the Hyundai's top spots on the latest most-stolen list, Hyundai and Kia thefts fell by about 37.5% in 2024, NICB data showed. Overall, all vehicle thefts decreased 17% back to pre-pandemic levels in 2024, the NICB said, compared to the historic 1,020,729 thefts in 2023. According to FinanceBuzz, based on NICB data, the vehicles stolen the most often were: Hyundai Elantra - 31,712 Hyundai Sonata - 26,720 Chevrolet Silverado 1500 - 21,666 Honda Accord - 18,539 Kia Optima - 17,493 Honda Civic - 15,727 Kia Soul - 13,562 Ford F150 Series - 12,952 Toyota Camry - 12,296 Dodge Charger -11,452 The NICB has the following tips: Don't leave your keys in your vehicle Don't leave the area while your vehicle is running Always park in well-lit areas Close and lock all windows and doors when you park Hide valuables out of sight, such as in the glove box or trunk If your vehicle is stolen, call law enforcement and your insurer immediately. According to about 80% of stolen vehicles are recovered within the first two days of the theft Geico recommends keeping your vehicle title outside of the vehicle in case it gets stolen, so it can't be sold as easily. You can also use tracking devices and apps such as Apple AirTags with apps to keep tabs on your vehicle at all times. Anti-theft systems may not seem like a necessity, but your vehicle is a huge investment and having it stolen can be costly, inconvenient, and can even cause employment or health problems if you have no other way to get around. Anti-theft systems can't completely prevent someone from jacking your car, but they go a long way toward making car theft a lot harder and less attractive. They're especially recommended if you don't have a way to keep an eye on your vehicle when it's parked near your home. In the U.S. market, Hyundai vehicles made from 2016 to 2021 and Kia vehicles made from 2011 to 2021 used a steel key, rather than a key fob and push-button start, making them easier to steal and more attractive to thieves. Hyundai and Kia reached out to the affected vehicle owners with offers of free software upgrades. If you have not received such an upgrade, contact your local Hyundai or Kia dealer. Kia also offered a free steering wheel lock available directly from Kia or from local law enforcement. If that's unavailable for you, you can buy your own steering wheel lock at many retailers. Charles Singh, Nashville Tennessean, contributed to this story This article originally appeared on The Daytona Beach News-Journal: Hyundai Elentra most stolen car in Florida in 2024, but thefts are down
Time of India
05-07-2025
- Business
- Time of India
Ninth man arrested in New India bank fraud
Mumbai: The Economic Offences Wing arrested a ninth wanted accused, Pawan Jaiswal (47), in connection to his alleged role in the Rs 122 crore cash missing case of the New India Cooperative Bank (NICB). Jaiswal is allegedly a beneficiary of Rs 3.5 crore cash. Jaisawal, a Building Material Supplier, was residing in Lucknow. He was arrested and produced before a Lucknow court which sent him in transit remand till July 7. He is being brought to Mumbai where he will again be produced before a court. Earlier, police arrested bank's GM and head of accounts Hitesha Mehta for allegedly misappropriating the cash from the bank and giving Rs 15 crore to another arrested accused Arunbhai Arunachalam and his son to convert cash into legitimate looking bank transactions. "Arunachalam had given Rs 3.5 crore to Jaiswal," said a police officer. The fraud took place between 2019 and 2025 and an FIR was You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai
Mint
01-07-2025
- Business
- Mint
Saraswat Bank proposes to acquire fraud-hit New India Cooperative Bank, approaches RBI: Should NICB depositors worry?
Saraswat Bank, India's largest urban cooperative bank, has announced on Tuesday that it plans to merge the crisis-hit New India Cooperative Bank (NICB) with itself. Saraswat Bank's chairman Gautam Thakur has assured that there will not be any haircut for any of the over 1.22 lakh depositors of fraud-hit NICB, and all the savings will be protected, PTI reported. Depositor protection and access to funds Currently, the NICB depositors face withdrawal limits of ₹25,000 per account due to the crisis. Once the merger is finalised, depositors will be able to access the full amount, Thakur said, adding that he expects the merger to complete by end-September. Thakur also said the bank has no immediate plans to convert into a commercial lender, and is keen to continue working as a cooperative bank. However, he indicated that the bank might consider becoming a universal bank whenever the statutes permit, he said. Merger timeline and process "We have voluntarily approached the RBI for the merger of Saraswat with NICB," Thakur said. Saraswat Bank has merged seven crisis-hit banks with itself in the past and showed confidence that the merger with NICB will also go through. Also Read | Credit score can affect your job prospects: SBI case highlights key lessons After the shareholder nod, both banks will go to the RBI for clearance, and the central bank will announce an effective date for the merger. In this process, the shareholders of NICB will be given shares in Saraswat Bank in a predetermined ratio. NICB's financial status and turnaround strategy NICB has been under an RBI-appointed administrator since February due to an alleged ₹122 crore embezzlement of funds by top management. As of March 2025, the bank held over ₹1,100 crore in assets, Thakur told PTI. Stressing that not every loan made by NICB is an NPA, Thakur is confident that Saraswat, with an asset size exceeding ₹36,000 crore, will absorb the impact of the merger. Also Read | Asian Banks Fuel More Than $2 Billion Loan Boom in Middle East Thakur estimated that it will take around 18-24 months to turn around NICB. What will happen to NICB employees? According to Thakur, the bank will absorb as many of the 200 remaining NICB employees after evaluating them. However, any employees associated with the fraud will not be retained. NICB has 27 branches, including 17 in Mumbai, whereas Saraswat Bank has 120 branches in the city, including 30 which have come from banks merged in the past, the news agency reported.
