Fraud
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.
Clone broker warning issued by FCA
The Financial Conduct Authority has warned of an unregulated clone broker operating in the UK.
MGA recovers 55% of money stolen through email conveyancing fraud
A fraud response initiative set up by managing general agent Pen Underwriting has more than halved the amount of money lost in cases of cyber conveyancing fraud since 2017.
Analysis: Charting a path through the ‘wild west’ of surveillance
Insurers still regularly use private detectives to investigate suspicious claims, despite the sector being largely unregulated. How are claims bosses navigating the potential pitfalls?
Scammers used UK General's name to target unwary consumers
A clone firm has been masquerading as UK General, the Financial Conduct Authority has warned.
Analysis: The future of pricing – Data and technology
Insurers are coming under increasing pressure to develop new ways of pricing. But, while data and technology hold the key, insurers face some significant challenges as they move to this brave new world.
FCA warns of unauthorised motor broker
An unauthorised car insurance broker has been targeting customers in the UK, the regulator has warned.
Video: Data from motor crashes will help reduce fraudulent claims
Exclusive: Damage analysis from dozens of high speed car crashes could help traffic investigators spot fraudulent traffic collisions.
Blog: To beat fraud, insurers have to tear down internal walls to future-proof their business
The insurance industry continues to treat cyber attacks and fraud as two independent problems. However, Dennis Toomey, global director of counter fraud analytics and operations at BAE Systems, argues they are in fact one and the same – and until the…
First Central's Andy James on trusting in insurance
Only 15% of customers will claim on their motor policies this year so how can insurers increase trust in the sector and improve its reputation with such a small touch point with customers asks Andy James, chief commercial officer at First Central…
IFB counter fraud platform goes live
A counter fraud intelligence sharing platform, developed by the Insurance Fraud Bureau to help the industry fight the £2bn annual fraud bill, has gone live.