It wasn't so long ago that news of the particularly destructive Insurance Fraud hack appearing in GTA Online first surfaced, throwing players into a bit of a survival frenzy. Everyone was suggested to stick to public lobbies until Rockstar found a solution to the issue, as the hackers had the ability to steal cash straight out of your character's in-game bank accounts.
Since players have the ability to purchase in-game cash with Shark Cards for real currency, this presented the community with the first instance of hackers being able to cause actual financial damage. Add to that the fact that victims would be docked with Bad Sport points as well and you've got a recipe for losing players.
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Rockstar was quick on the draw and swiftly applied an emergency fix. They disabled the Bad Sport and Insurance Premium systems for GTA Online, effectively rendering the new hack moot. This also gave griefers free reign to screw with everyone but that was a smaller issue than losing cash.
The fix was intended to be a temporary one while Rockstar finds a more permanent solution to the hack as evidenced by the fact that the patch which contained the Lowriders: Custom Classics DLC promptly restored both systems.
The only problem was that a permanent fix for Insurance Fraud wasn't in place at the time, allowing the dreaded hack to return. Once again players were being hit with Bad Sport and their money was stolen by the hack. Insurance Fraud's method of operation fools the game into thinking that the victim destroyed the hacker's personal vehicle.
Thus, an insurance premium is billed to the victim's account. The hack, being as nefarious as it is, put this effect into a loop on the victim, billing them over and over again until they accumulated so many Bad Sport points that the game boots them from the lobby.
After a few days of fear and sticking to invite-only lobbies, players can once again rest easy, as the Insurance and Bad Sport systems have again been disabled. Whether or not Rockstar couldn't find a permanent fix and decided to wipe away those systems permanently, or if they'll soon implement a solution, no one knows.
In the mean time, hackers are still present in the game, doing their usual thing, as this fix has only solved the issue of the Insurance Fraud hack. Keep an eye out for griefers too, as they're no longer regulated.
Do you think this is the last of Insurance Fraud that we'll hear of in GTA Online?