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AICPA

Patrice Toland Serves on Panel Examining Crypto Currency and Workers' Compensation Claims at CLM's 2021 Workers' Compensation and Retail, Restaurant & Hospitality Conference on May 12


On May 12, 2021 at 3:00 PM ET, Patrice A. Toland served on the panel discussion, "How Cyber and Crypto Currencies are Financing the Exploding Gig Economy. What it Means to Your Workers' Comp Insurance Defense," at CLM's virtual 2021 Workers' Compensation and Retail, Restaurant & Hospitality Conference. Additional panelists included Wayne Brinkman, Claims Consultant, Aon, Curtis DeVries, Fraudsniffr, Inc., and Rebecca Kassel, AVP of Claims, Midwest Region, PMA Companies.

Value transfer apps such as Venmo, Zelle, and Cashapp have all removed most of the questions (specifically the purpose of the transaction) regarding value transfers that were included when these apps first launched. Currently these apps only record “on this date, x transferred a specified amount of value to Y.” There is no documentation as to the purpose of the transaction.

The challenges involved with this new method of transfer are daunting. The panel addressed issues that revolve around the challenge workers' compensation income claims face in the absence of any paper trail or tax records to support the claimant's submissions.