Fraud
Fraudster found guilty of explosion insurance scam that injured 81 people
Insurance fraudster Pascal Blasio has been found guilty of causing an explosion at his shop that injured 81 people and damaged or destroyed 63 buildings.
This week: All at sea
The fraudulent claims we’re used to hearing about involve banged-up cars and invented cases of whiplash. Ones involving oil tankers, pirates, the Admiralty Judge, and statements given in places as far-flung as Aden and Manila are somewhat harder to come…
Victory for insurers in $77m 'pirate attack' fraud case
A High Court judge has ruled that insurers do not need to cover the cost of an alleged pirate attack on an oil tanker because the ship’s owner was responsible for the incident.
2019 Insurance Fraud Awards: Full list of winners
Zurich was the big winner at the 2019 Post Insurance Fraud Awards picking up three awards, and a highly commended including top prize in the Investigation of the Year category.
Special report: The future of claims in commercial broking
To find out what brokers think of commercial claims handling Post and Aviva carried out some extensive research. Sam Barrett reflects on results that highlight insurers have some way to go to meet their expectations.
Blog: Cyber crime - keeping ahead of evolving threats
With the imminent explosion of Internet of Things devices via the 5G rollout and the systemic rise in the use of artificial intelligence, technology is increasing both in complexity and connectivity writes James Maass, cyber incident specialist at CFC…
QBE's Cécile Fresneau on turning data into actionable information
While as an industry we hold large volumes of data and information, actually having valuable, reliable, timely data that is informative and can be turned into insight and action is a different thing altogether, particularly in an industry where many of…
FCA raises alarm over two unauthorised firms using social media
The Financial Conduct Authority has alerted consumers to two unauthorised insurance firms offering car insurance in the UK.
Allianz increases fraud savings by 30%
Allianz has uncovered more than £29.6m worth of fraud in the first half of 2019, an increase of £6.9m compared to the same period last year.
Watchstone files a £63m counterclaim against S&G
Watchstone has filed a counterclaim for damages of £63m against Slater & Gordon, following permission from the High Court.
Insurers face rising application fraud
The industry saw 1300 insurance scams every day last year at an average cost of £12,000 each, according to numbers released by the Association of British Insurers.
‘Phantom fraudster’ handed a four month suspended sentence
A man has been handed a suspended sentence after making a fraudulent claim against Cardiff Council in road traffic accident case, despite dropping his initial claim.
Blog: Breaking the under-reporting habit
In order to solve a problem, we need to accept that it’s there. This principle is common sense – and it certainly applies to insurers’ fight against financial crime, says Dennis Toomey, global head of insurance fraud at BAE Systems.
FCA sounds alarm over Instagram brokers
The Financial Conduct Authority has issued a warning over two brokers operating without a license via Instagram.
This week: No hiding place
As we start the month of August, many of us are planning to jet off abroad for a well-deserved break. And for those who do, very few would dream of placing a false sickness claim in order to receive a pay-out that would inevitably land them in jail.
Holiday sickness fraudster given 12 months prison sentence
A holiday sickness fraudster, who persuaded holidaymakers to put in false claims in order to receive a pay-out, has been handed a 12 month prison sentence.
Whiplash portal 'being built in a rules vacuum'
The Litigants in Person whiplash portal build may be progressing well, but fraud and a lack of clarity from the government could jeopardise its effectiveness, according to Sabre CEO Geoff Carter.
LV's Clare Lunn appointed to head industry's counter-fraud organisation
Exclusive: Clare Lunn, director of fraud at LV, has been selected as a chair of the the General Insurance Fraud Committee.
This week: Rolling in it
Thursday seemed an appropriate day for insurtech Hippo to announce the outcome of its latest funding round – with temperatures reaching 38°C in places, the urge to emulate the mud-wallowing tendencies of its namesake animal became more and more tempting.
BLM wins fundamental dishonesty case against opportunistic fraudster
BLM has won a fundamental dishonesty case against a fraudster who claimed for whiplash from an accident where she was not in the vehicle.
Blog: The financial crime insider threat
The insurance industry has woken up to the growing criminal threat. However, Dennis Toomey, global director of counter fraud analytics and operations at BAE Systems, highlights that much investment in this area has focused on the external threat.
Money Supermarket clone site shut down
The Financial Conduct Authority has issued a warning about fraudsters operating a clone of price comparison website Money Supermarket.
