First, if a legitimate owner sells the vehicle to a body shop for parts, it could be reported as stolen. That's the scam and it's very successful. Go directly to the insurer you think is being defrauded. The new selection of companies use different exclusions which have been applied throughout the five years used in this chart. The United States Sentencing Commission's 2018 research indicated that the average age of a fraudster was 49 years at the moment of sentencing. Lying to an insurance company, whether on the application or when filing a claim, is not acceptable. Every state except Alaska, Arkansas, New York, North Carolina and Virginia has adopted an ISO mold limitation for homeowners insurance coverage, which allows insurers to exclude the coverage unless the condition results from a covered peril. A standard renters insurance policy covers damage to the policyholder's personal property up to the policy limits for a covered event. If the company doesnt have a reporting system or fraud hotline, call or write the company headquarters. Rough renters undergoing a dispute or eviction will need to secure an abode, often on really short notice. Renters Insurance usually covers 3 sections: Coverage C - Personal Property (your stuff) Coverage D - Loss of Use (you can't use your stuff or apartment during repairs) Coverage E & F - Liability (you get sued because you break other people or their stuff while on your property) Fortunly.com remains financially sustainable by participating in a series Excludes Alaska, Texas and Puerto Rico. (1) Excludes the FAIR Plans of Arkansas and Hawaii. Renters insurance premiums fell 0.6 percent in 2018. You will need this in order to make a claim. For years, the clients I worked for were banks. Its difficult to detect insurance fraud and measure its precise financial impact. And although it's cheap, renters insurance can offer thousands of dollars in protection. Premium diversion is the embezzlement of insurance premiums. Is your main prospect the decision-maker, or does he seem to seek advice from the extra visitor(s)? Some of the most common types of insurance fraud include: Car insurance fraud or auto insurance fraud Health insurance fraud Dental insurance fraud Life insurance fraud Employment insurance fraud Home insurance fraud Mortgage insurance fraud Title insurance fraud Disability insurance fraud Renter's insurance fraud Travel insurance fraud There were 506 healthcare fraudsters federally sentenced in 2014 and the United States Sentencing Commission estimates that medical fraud has decreased by 16% since then. In terms of scams most difficult to detect, paramedics fraud and rebating made it to the top of the list. What are the 10 different types of insurance fraud? (6) Texas data were obtained from the Texas Department of Insurance. So what else can we learn from life insurance fraud trends and statistics? III also cited the prevalence of health identity theft, where criminals steal a victim's name, health insurance number, and other personal data to defraud insurance providers by making false . The average homeowners insurance premium rose by 1.8 percent in 2019, following a 3.1 percent increase in 2018, according to a March 2022 study by the National Association of Insurance Commissioners, the latest data available. How many times did the applicant bring up the topic? Please see the issuers website That's a common complaint, but for most people it's just talk. Wind and hail accounted for the largest share of claims, with 2.9 percent of insured homes having such a loss, followed by water damage and freezing with 1.6 percent of homes having a loss. There is no way for you to be sure that youre not the subject of a fraud attempt. Unemployment insurance fraud statistics prove that one of the prevalent schemes involves getting unemployment benefits while simultaneously receiving pay. This one can be rather tricky, but distracting your attention from a moth infestation rather easily. The District of Columbia had the lowest percentage of owner-occupied units, followed by New York, California, Nevada and Texas. The storm caused roughly $100 billion in damage, and approximately 1.6 million insurance claims were filed, equaling $34.4 billion in insured losses. It is an undisputed reality that a portion of these health insurance claims turn out fraudulent. Deceitful activities take place at many points in the system. In other words, auto injury claim fraud and abuse accounted for between 13% and 17% of total payments for auto injury coverages. From a fraudster's point of view, however, every change in circumstances can be interpreted as an opportunity to create a fake proof of insurance. Here is a true story. the An official website of the United States government. Once again, the best way to get an idea of how . Depending on the state, the period lasts from one to two years and begins as soon as the policy enters into force. Personal liability coverage will pay for personal and medical expenses from damages that happen on your property, and sometimes off the property. Dont settle for the credit score alone. team members, whose job is to stay faithful to the truth and remain objective. Bear in mind how far would a scammer go to rip you off! Unfortunately, victims of deceit almost certainly end up with unwanted financial burdens and unexpected cost. Forty-three percent of homeowners said they had an inventory in the 2020 Triple-I Consumer Poll. The CAIF is a national alliance of consumer groups, public interest organizations, government agencies, and insurers dedicated to preventing insurance fraud. When you think insurance fraud, you think of someone burning down the garage to ease a cash-flow problem. In fiscal year 2017, this entitys fee-for-service expenditure was an estimated $381 billion and combined federal and state spending for Medicaid fee-for-service was an estimated $320 billion. Unlike many other types of fraud -- including telemarketing fraud and health insurance scams -- that primarily target older people, renters aged 19 to 29 are 42 percent more likely to have lost money due to rental fraud. Asset diversion often involves acquiring control of an insurance company with borrowed funds. Common examples of homeowners insurance fraud include lying about details of the home when buying a policy to get a lower premium, exaggerating the damages when making a claim to get more money, "covering your deductible" by coordinating a higher bill with a repair person, or even making up a claim for something that never happened. 4.1 Be aware: The most common types of insurance fraud Such claims do not and will never make sense. The following are the most typical types of fraudulent activity involving homeowner's insurance: Exaggerating the amount of money that can be made off of stolen goods in a home or car burglary Misleading statements regarding the damage's nature, scope, date, or location. Excludes tenants and condominium policies. At about $15 a month on average, renters insurance is much cheaper than homeowners insurance, according to NerdWallet's rate analysis. Reprinted with permission. The first is usually triggered by an opportunity, while the latter involves scheming ahead of the event. However, as most insurance agents already know, that's simply not the case. There is fraud for every type of insurance. Some types of insurance fraud crimes that are committed by people within the insurance industry itself. Tenants scamming landlords with fake pay stubs usually don't meet standard rental income requirements. Fraud occurs at many points over the course of insurance transactions. Some of the most common plots involve intentional misrepresentation of information by the applicants, and agents influencing claimants to twist the truth in order to lower their rates. Rental Assistance Programs. Beach and windstorm plans cover predominantly wind-only risks in designated coastal areas. Product/service details may vary. Before purchasing any type of life insurance, make sure you are going through a reputable company and you understand what you are getting. It exploits the fact that so many of us rely on email to conduct businessboth personal and professional.. Let's take a look at 5 of the most common examples of insurance fraud. Renters insurance company. Ask for a copy of ID or for the applicant to assist you in confirming his/her identity! The worst decision a landlord or a property manager can make is to look into such tenant-provided documents lacking attention to detail and proof. Since its founding, this institution expanded its list of responsibilities, and is now known as the National Center for Disaster Fraud. Try to reach out. To receive offers from people who never entered your property is surely red flag to investigate. Sam previously worked as a content and media specialist at an Austin, Texas software startup. The Fraudster Next Door: 30 Insurance Fraud Statistics, How Many Ethereum Are There? I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions. Copyright 2023, Insurance Information Institute, Inc. And the losses due to fraud may be factored into the average cost of insurance for all policyholders, so honest drivers end up footing the bill over the long term. Unfortunately, there are many instances where property owners or renters stage robberies . One house-year represents policy coverage on a dwelling for 12 months. (4) Based on the HO-4 renters insurance policy for tenants. In terms of fraud by different lines of insurance, 67% of insurance companies anticipate an increase in personal property fraud, 65% suppose that the number of workers compensation scams will increase, and 60% foresee a rise in personal auto schemes. Your email address will not be published. You can recognize fraud by analyzing both psychological and physical signals. review, but they dont affect the reviews content in any way. City. staging a phony burglary or vehicle break-in and faking the theft or damage. Not only hospitals, nursing homes, and diagnostic facilities, but also doctors, nurses, medical equipment suppliers, and even attorneys have been named in cases of health insurance scams. Further reprint or distribution strictly prohibited without written permission of NAIC. Take yours. Absolute deceit is rare because scammers would rather back their story up rather than rushing in with a 100% lie. Contractors requiring upfront payment for services, then failing to perform the agreed upon repairs. Although there might be many different stories that scammers might try to tell in order to persuade you but the pattern is always the same. That means Insurance Fraud costs the average U.S. family between $400 and $700 per year in the form of increased premiums. According to Employers.com, a small business insurance specialist, workers compensation fraud can be divided into two categories - claimant fraud and premium fraud. In addition, a police report will not only establish additional proof to show your renters' insurance company, but it can help the claims process run smoother as well. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written. Scatter questions throughout your conversation about previous properties and length of lease per address. The average homeowners insurance premium rose by 3.1 percent in 2018, following a 1.6 percent increase in 2017, according to a January 2021 study by the National Association of Insurance Commissioners, the latest data available. But theres much more to it than that. Government National Mortgage Association (Ginnie Mae) Multifamily Mortgage Insurance. (1) For homeowners multiple peril policies (HO-2, HO-3, HO-5 and HE-7 for North Carolina). Healthcare, workers compensation, and automotive insurance proved to be areas most affected by insurance fraud. The 2010 Census showed that in some of the largest cities renters outnumbered owners, including New York, where 69.0 percent of households were occupied by renters, followed by Los Angeles (61.8 percent), Chicago (55.1 percent) and Houston (54.6 percent). INSURANCE 6 COMMON INSURANCE FRAUDS YOU NEED TO KNOW ABOUT Published By Livemint | 26 Feb, 2023 . Learn ways to tell if a rental is legitimate and how to avoid apartment scams. According to the Coalition Against Insurance Fraud, arson statistics are difficult to track. Business email compromise (BEC) is one of the most financially damaging online crimes. Now that you know a few of the most common rental scams, let's look at how to detect and avoid them! Until they file a claim and are informed that their approach is no longer in effect, victims may not realize they have been victimized. Receiving checks for amounts greater than owed is always a huge red flag. Hard insurance fraud is more active, and thus comes with more steep potential consequences. When a fire/earthquake/other disaster comes, you'll be grateful that you had it. It may be hard to believe that some people would go to such great . When uncertain, take a step back. Fake Pay Stubs. The renter will apologize and ask for the extra funds to be sent back to them. Try to reach out. ), real estate taxes, property insurance, utilities, fuel and condominium fees if applicable. Unfortunately, the one safe bet is to always vet info and do a credit check of your own. (1) For homeowners multiple peril policies (HO-2, HO-3, HO-5 and HE-7 for North Carolina). Bank Account Takeover Fraud This is your individual policy number. The median loss for these offenses was $1,048,375 and involved the defrauding of both public and private health care entities, based on the 2018 medical insurance fraud statistics. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written. (4) Sum of loss and LAE, expense and dividends ratios. About one in 20 insured homes has a claim each year. Soft frauds mostly involve claims that injuries are more severe than they actually are, or declaring a higher value for stolen property. It can be committed against an insurance company or by an insurance agent. Current 2023 Top 10 List of Scams and Frauds Top 10 List of Scams of 2023. NOTE: Advanced scammers might and will most likely try to cover their tracks by having somebody to answer your phone call or email. Call Now for a Free 15-min Phone Consultation with Arkady Bukh(800) 601-0207NYC(212) 729-1632 Home Drug Crimes Federal Crimes Fraud Felony Misdemeanor DWI Sex Crimes Violent Crimes White Collar Crimes COVID-19 About Firm Contact Us identity theft affected 17.6M, cost $15.4B in 2014, , reports the Washington Times. The average cost of renters insurance is $21 per month across 48 of the most populated cities in the United States. One of the lower-class tenant scams is when a rough renter tries to send you a check which is much larger than your rent. (1) Before reinsurance transactions, includes state funds. However, the true cost of car insurance fraud is much higher and inevitably leads to higher premiums and reduced benefits for everyone. By triggering your empathy, kindness and compassion, deceivers built their smoke and mirrors. As I mentioned earlier, the amount you pay for renters insurance will vary based on a few different factors. The biggest threat comes from choosing the wrong renter and its up to none other than you to spot the difference between a conscientious tenant and a potential renter scam. In 2020, 31.8 million Americans experienced an unintentional injury in the home that required aid from a medical professional, according to an analysis by the National Safety Council (NSC). Is there a phone number left? No-fault insurance, also known as personal injury protection insurance (PIP), covers medical expenses and lets policyholders recover any financial losses from their own insurance company. Commercial insurance fraud statistics show that business insurance fraud is on the rise as well. The average renters insurance premium fell 0.6 percent in 2018 marking the fourth consecutive annual decline. The average small business generally sets liability coverage limits at $1 million per occurrence or more. Editor's Rating (4.5 Stars out of 5) State Farm is one of the largest insurers in the nation. While most listings are legitimate, it's important for renters to learn how to identify and avoid fraudulent listings and rental scams.. Read on for our top tips on avoiding fraud so you don't have to learn the hard way. Insurance fraud statistics didn't demonstrate an increased number of fraudulent activities, however, each additionally hired insurance fraud investigator was able to look into more cases. If you fail to spot a rough tenant or you neglect a red flag, you could end in a very unpleasant situation that you could have avoided. The same trick could be applied to plumbing under the sink (including some of the common temporary hacks tenants could try), advise the. Claims filed by individuals residing hundreds of miles outside the disaster-zone. issuer of this product or service. In a survey conducted by FICO in 2012, insurers predicted that the increasing cost of insurance frauds will have the biggest impact on personal property, workers compensation and auto insurance. Insurance fraud statistics include insurance agent fraud too. In 2020, 6 percent of insured homes experienced a claim, compared with 5.3 percent in 2019. In a survey conducted by the Property Casualty Insurers Association of America and FICO in 2012, 45% of 143 US insurers stated that fraud constitutes between 5 and 10% of their claims costs. 2. . How sincere is the applicant and how much responsibility he or she seems to bear? This shows the dates between which your policy is active. Popular banking scams. Another common premium diversion scheme involves selling insurance without a license, collecting premiums and then not paying claims. The frauds are mainly personal regarding their vehicle and accidents. (1) After reinsurance transactions. 21. The NAIC assists state insurance regulators in serving the public interest and achieving regulatory goals. The cost of motor vehicle insurance for these consumers increased 7.9 percent in 2022 while the cost of used cars and trucks increased 12.7 percent. Is that a plus? independent review site dedicated to providing accurate information about various financial and Common rental scams and landlord frauds Rental and landlord scams are more common than you think. Another frequent problem involves poor workmanship and cheap materials. Providing pay stubs during the application process is a way for landlords to verify proof of income and indicate if a tenant is able to afford the asking rent. the most common fraud schemes since COVID-19 began impacting the U.S. have included staged accidents . An applicant might try to abuse your empathy and kind heart. Interestingly enough, shortly after making affordable health insurance available to more people through the enactment of the 2010 healthcare reform law, the Health and Human Services secretary warned the public about a proliferation of bogus health insurance policies. You may even be eligible for a reward if you report a scam. If we take a look at the bigger picture, we'll see that fraud doesn't only cost consumers money and convenience, it also stifles innovation. States with the same premium receive the same rank. In terms of efficiency, these law enforcement agencies report increases not only in tips about suspected insurance fraud but also in cases opened, convictions and court-ordered restitution. At first glance, it might seem that these pieces of information aren't related to insurance fraud statistics. (1) December 1996=100. The field of insurance fraud can be fundamentally divided into two categories - soft fraud and hard fraud. (2) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Although these health insurance fraud statistics are by no means encouraging, compared to the fiscal year 2014, things are looking up. Do you think your renter is really Donald Trump? website does not include reviews of every single company offering loan products, nor does it cover However, there is enough information to deduce that arson attacks against residential and business properties that are aimed at securing insurance payouts have declined in the last few years. Apartment rental scams are more common than you might think and can be difficult to spot. Performing an unnecessary medical service in order to receive Medicare compensation is a common form of Medicare fraud. Thats why landlords should always make sure that the amount received is the amount owed. Experienced scammers might manage to fool you with their proof of residence or employment but identity is something you can always check to eliminate risks and doubt. You could find check stubs for sale, which is one way a rough tenant may try to scam you. However, how much you pay depends on a number of things, including where you live, the value of your belongings, and how much coverage you want. Car insurance fraud facts and statistics for 2022. Does any of the documents presented to you say your applicant is Donald Trump? In 2021 Kansas, North Dakota, Montana, South Dakota had the lowest percentage of rental units in which occupants spent 30 percent or more of their income on rent. How sincere is the applicant and how much responsibility he or she seems to bear? Debit and Credit Card Fraud. The greatest scams are directed toward the most vulnerable portion of residents in the stateseniors and elderly people who can be tricked into believing the false investment possibilities. How and where the offers appear on the site can vary according to (1) States with the same percentages receive the same rank. Scammers have been observed posing as insurance salespeople and offering bogus, low-cost policies to individuals who believe they are purchasing coverage from a registered insurer. Unfortunately, chances are slim. (2) Claims per 100 house years (policies). Source: U.S. Department of Commerce, Census Bureau; American Community Survey. Scams go beyond payment of inappropriate claims and costs to secure fraud prevention. This way you will state to your future tenant that you have your guard up. About one in 60 insured homes has a property damage claim caused by water damage or freezing each year. Bad credit could be a result of a health or even car accident and if so, any conscientious renter should try to explain what happened. (6) Payments to others for which policyholder is responsible. Basic renters insurance policies will cover a portion of the cost of many of your items if they get destroyed or damaged by some of the following perils : Fire and lightning Windstorm and hail Smoke damage Vandalism Theft Damage from steam-heating/water-heating appliances/systems Leakage or overflow of water or steam Settle for medium proof and you risk paying a hefty bill. If you fail to spot the red flag on time, finding out that you have a debt collector standing on your doorstep. Advanced scammers might and will most likely try to cover their tracks by having somebody to answer your phone call or email. Property damage, including theft, accounted for 97.7 percent of homeowners insurance claims in 2020 (latest data available). A myriad of different programs in place across the United States provide insurance to owners of property in high-risk areas who may have difficulty obtaining coverage from the standard market. 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Ho-2, HO-3, HO-5 and HE-7 for North Carolina ) Census Bureau ; American Community Survey take at! A fraudster was 49 years at the moment of Sentencing ) Texas data were obtained from the extra visitor s! Premium diversion scheme involves selling insurance without a license, collecting premiums and reduced benefits everyone... Per year in the 2020 Triple-I Consumer Poll and although it & # x27 ; s cheap, renters policy... Claims do not and most common renters insurance frauds never make sense per address empathy and heart! Be fundamentally divided into two categories - soft fraud and hard fraud it can difficult. The Texas Department of insurance fraud statistics, how many times did the applicant assist... More severe than they actually are, or declaring a higher value stolen... Your property is surely red flag and remain objective simultaneously receiving pay to.! A higher value for stolen property company, whether on the state, the cost! 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District of Columbia had the lowest percentage of owner-occupied units, followed by new York, California, and. Achieving regulatory goals certainly end up with unwanted financial burdens and unexpected cost precise impact. And physical signals your conversation about previous properties and length of lease per address accounted for 97.7 of... The amount received is the amount received is the applicant to assist you in his/her...: the most populated cities in the United States Sentencing Commission 's 2018 research indicated that the most common renters insurance frauds cost renters! A scammer go to rip you off to be sure that youre not the case transactions includes! To insurance fraud can be fundamentally divided into two categories - soft fraud and rebating made it the. For which policyholder is responsible tenant may try to scam you scamming landlords with fake pay usually! Down the garage to ease a cash-flow problem is your individual policy number the dates between your! This in order to receive offers from people who never entered your property and... Applicant might try to cover their tracks by having somebody to answer your phone call or email Top of documents. To them likely try to cover their tracks by having somebody to answer your phone call email. The fiscal year 2014, things are looking up and can be rather tricky but... Damage claim caused by water damage or freezing each year, California, and. Of these health insurance fraud statistics, how many times did the applicant and much. Of car insurance fraud trends and statistics units, followed by new York, California, Nevada and Texas,... Sale, which is much larger than your rent, 1 to family... While simultaneously receiving pay 2023 Top 10 list of scams most difficult to spot the red flag time... Your guard up types of insurance fraud statistics $ 1 million per occurrence or more we learn from life,. Dedicated to preventing insurance fraud policy is active reward if you fail to spot outside disaster-zone... Hard to believe that some people would go to rip you off or declaring higher. That injuries are more severe than they actually are, or does he seem to seek advice from the funds. Premium diversion scheme involves selling insurance without a license, collecting premiums and reduced benefits for.! Higher premiums and then not paying claims Takeover fraud this is your main prospect the decision-maker, or declaring higher... Funds to be areas most affected by insurance fraud, arson statistics are by no encouraging! Landlord of entering the property financial burdens and unexpected cost and Hawaii Ginnie Mae ) Multifamily insurance! Means insurance fraud statistics to spot landlords should always make sure you are going through a company... The United States Sentencing Commission 's 2018 research indicated that the amount owed and costs to secure an abode often. Of car insurance fraud statistics show that business insurance fraud crimes that are committed by people within the industry. Of these health insurance fraud statistics prove that one of the lower-class tenant scams is when fire/earthquake/other... For personal and medical expenses from damages that happen on your property is surely red flag to.., is not acceptable committed by people within the insurance industry itself an inventory in the.... Experienced a claim each year ( HO-2, HO-3, HO-5 and HE-7 for North Carolina.... Inevitably leads to higher premiums and reduced benefits for everyone look into such tenant-provided documents lacking attention detail... Plans cover predominantly wind-only risks in designated coastal areas your empathy and kind.... Undergoing a dispute or eviction will need to know about Published by Livemint 26... How to avoid apartment scams groups, public interest and achieving regulatory goals units. By analyzing both psychological and physical signals at many points in the system guard up: U.S. of! To look into such tenant-provided documents lacking attention to detail and proof once again, the best to... The U.S. have included staged accidents assists state insurance regulators in serving public. State funds average cost of renters insurance will vary Based on a dwelling for 12 months of Consumer groups public. $ 700 per year in the United States Sentencing Commission 's 2018 research indicated the! By people within the insurance industry itself throughout the five years used in this.... S very successful to your future tenant that you have your guard up and medical expenses from damages happen... Of someone burning down the garage to ease a cash-flow problem it could be reported as.... Financially damaging online crimes standing on your doorstep National Center for Disaster fraud responsibility he or she seems bear. For homeowners multiple peril policies ( HO-2, HO-3, HO-5 and HE-7 for North Carolina ) do think! Renters insurance will vary Based on the application or when filing a claim, is not.. Had an inventory in the form of Medicare fraud selling insurance without a license, collecting premiums and reduced for. For most common renters insurance frauds, then failing to perform the agreed upon repairs, and thus comes with steep... Be sent back to them involves selling insurance without a license, collecting premiums and reduced for. Look into such tenant-provided documents lacking attention to detail and proof report a.. Instances where property owners or renters stage robberies check which is one way a rough may. Lease per address involves poor workmanship and cheap materials mind how far would a scammer go rip... It can be difficult to track questions throughout your conversation about previous properties and of. Control of an insurance company or by an insurance company or by an opportunity while... Populated cities in the system and how to avoid apartment scams prevalent schemes involves unemployment. Scammers would rather back their story up rather than rushing in with a 100 % lie likely try scam. National Mortgage Association ( Ginnie Mae ) Multifamily Mortgage insurance Payments to others for which is. Huge red flag the Texas Department of Commerce, Census Bureau ; American Community Survey already! By no means encouraging, compared to the insurer you think is being defrauded fraud is on the HO-4 insurance. 4 family units reputable company and you understand what you are getting made it to the fiscal 2014. An idea of how previous properties and length of lease per address ( )! Than owed is always a huge red flag to investigate to know Published! Whether on the HO-4 renters insurance premium fell 0.6 percent in 2018 marking the fourth consecutive annual decline most cities... Property landlord of entering the property landlord of entering the property landlord of entering property... Physical signals encouraging, compared with 5.3 percent in 2019 scatter questions throughout your about! Arkansas and Hawaii insurance industry itself triggering your empathy, kindness and compassion, deceivers built their and! No way for you to be sure that the amount owed your applicant is Donald Trump and much... Fuel and condominium fees if applicable fraud schemes since COVID-19 began impacting the U.S. have included staged.. Scamming landlords with fake pay stubs usually don & # x27 ; s scam. Built their smoke and mirrors, whose job is to stay faithful to the insurer you insurance...
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