Dai-ichi Life VN spoke out about the case of “Insurance company employees forging customer signatures to withdraw money”

(Readers can re-read the content of the previous incident here:

Accordingly, Dai-ichi Life VN insurance company asserted that at the time Customer Phuong submitted the complaint, the Company still did not have enough legal grounds to be able to “conclude” Agent Phan Tran Duy Hoa forged the letter. Sign customers in accordance with the law.

Therefore, in the reply to the Client, the Company suggested that the Client report to the competent authority. The Company has absolutely no intention of “abandoning” the Customer. Specifically, the Company actively sent a document to Bao Viet Bank (Bao Viet Bank), but the Bank refused to provide information.

The company also informed more about the afternoon of March 23, 2022, after working with Customer Nguyen Thi Mai, the Company once again contacted the representative of Bao Viet Bank and was confirmed by the representative of Baoviet Bank. that the Bank only provides documents and information to the Public Security Agency, not to the Company.

The company confirmed that Ms. Phuong did not ask Ms. Phuong to pay the cost of signature verification, but because the Customer Proactively requested to pay this cost in the spirit of cooperation. However, after meeting with Customer Nguyen Thi Mai yesterday afternoon, the Company decided to inspect the signatures on all Requests of two Customers Mai & Phuong, no later than March 31/ 2022. The cost of the assessment will be borne by the Company, although the Client requests to bear this cost. At the same time, the Company will continue to work with two customers, Bao Viet Bank to report the incident to the investigating agency.

If it is concluded as a result of the case that the advance transactions from the Client’s Contract Return Value are completely fraudulent, these transactions will be cancelled. In that case, the Company will guarantee all legitimate rights and interests of both Clients.

The above move partly shows the responsibility of insurance company Dai-ichi Life VN in this incident. However, there are still many question marks behind the risk management issue of insurance businesses.

Dai-ichi Life VN's response in the case of insurance company employees forging customer signatures to withdraw money and open questions - Photo 2.

Ms. Phuong said the signature in the “Request for payment of insurance benefits” to withdraw the amount of VND 100 million was forged.

An expert in the financial industry raised 3 questions in this case

firstaccording to the insurance company’s process, when customers withdraw money, they need to come to the place, present their people’s identity (ID) to identify the right person, then sign the “Request for payment of legal benefits”. co-insurance” in front of company employees?

Secondif the company’s internal process allows withdrawals via voucher without the customer being physically present, then additional risk control mechanism of the insurance company when based on the signature (which is easy to fake, difficult to detect with “the naked eye”) can allow withdrawals? Why don’t you call to confirm with customers before spending money but only call to notify after spending money?

TuesdayWhen customers sign a life insurance policy, they will have to declare their bank account number and personal information. So, did the company’s staff compare the account number entered on the Payment Request Form with the existing data? If compared, found that the account number does not match, what measures did the company take to prevent possible risks?

From the above problems, the question is, is there a big gap in Risk Identification and Control in the insurance company’s benefit payment process?

This vulnerability can be fully exploited by company employees to forge “customer withdrawal” documents as the content of previous articles has reflected.

But broadly speaking, in theory in the opposite direction, insurance companies can also face risks if customers and agents collude with each other. This is also the reason why when receiving complaints from customers, the company needs to verify it clearly before having an official answer.

In this incident, the insurance company transferred money to an account of the same customer’s name at Baoviet Bank, so of course they had to find out how the receiving account had personal information to identify the customer. Is the item reported true? The difficult thing here is that the Bank has a principle of confidentiality, not disclosing customer information to 3rd parties.

The unfortunate incident that happened to customers Nguyen Thi Mai and Nguyen Thi Hong Phuong still needs time to check, compare, and even involve the investigation agency to protect the legitimate interests of the parties. related but this is also a lesson for insurance businesses about the importance of risk management. 20220325180013266.chn

An Vu

By Business and Marketing

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