the Insurance Fraud Bureau (IFB), a not-for-profit organisation specifically focused on the detection and prevention of organised fraud.In addition to improving their own anti-fraud systems, insurance firms fund industry initiatives, including: To protect honest customers, the industry has invested, and will continue to invest, significant resources in deterring and detecting insurance fraud.
However, fraud remains a significant threat to the industry. Insurers are committed to providing excellent service and paying all genuine claims as quickly as possible. Consequently, honest policyholders pay higher insurance premiums as the costs of fraudulent claims are passed on to customers.
Insurance fraud also impacts on society at large as valuable public resources, such as those in the NHS and courts, are spent on dealing with fraudulent cases. Insurance fraud is a serious crime which can result in serious consequences for fraudsters, who may find their future job prospects impacted, find it harder to acquire insurance and other vital financial services, obtain a criminal conviction and even face the prospect of imprisonment. At the other end, there are highly organised criminal gangs, for example fraudsters involved in ‘crash for cash’ motor fraud scams. At one end of the spectrum, fraud may be committed by opportunists, where people encounter an opportunity within their everyday lives to invent or exaggerate a claim or to deliberately or recklessly provide false information when applying for insurance. Insurance fraud cuts across every type of insurance. This is why insurers invest at least £200 million each year to identify fraud. It is estimated that a similar amount of fraud goes undetected each year. In 2020, insurers detected 96,000 dishonest insurance claims valued at £1.1 billion. " Report.Tackling insurance fraud remains an industry strategic priority.
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" How to Spot, Avoid and Report Fake Check Scams." " Debt Relief and Credit Repair Scams."įederal Trade Commission. " Nigerian Fraud Scams."įBI-Internet Crime Complaint Center IC3. Georgia Department of Law, Consumer Protection Division. " Grandparents Deceived by Scammers Demanding Cash." " FBI Tech Tuesday: Building a Digital Defense Against Travel Scams."ĪARP. New York State-Department of Financial Services. Coverage Alert-2019 Novel Coronavirus/COVID-19." " Report to Help Fight Fraud."Īllianz Travel. " How to Spot, Avoid and Report Tech Support Scams."įederal Trade Commission. " How to Recognize and Avoid Phishing Scams."įederal Trade Commission. " 2019 Internet Crime Report," Pages 19-20.įederal Trade Commission. " Cybersecurity Assistance Topics."įBI Internet Crime Complaint Center. " Beware of Fraud, Scams When Seeking Disaster Assistance."įederal Deposit Insurance Corporation. " Helping You Avoid COVID-19 Online Scams."įEMA. Donate directly through a reputable nonprofit's website instead of clicking on a link you receive by email or text.įBI. This provides an excellent opportunity for scammers to set up fake nonprofits, hospitals, and other organizations to collect funds. Many people like to donate to charitable causes to help with disaster relief. Scammers may pose as banks, debt collectors, or investors with offers designed to steal your financial information. These scammers claim to issue updates and payments on behalf of the Internal Revenue Service (IRS) or local tax authority. These sites offer face masks, hand sanitizer, disinfectant wipes, and other high-demand products that never arrive. Centers for Disease Control (CDC) to offer cures, tests, or other COVID-19 information. Scammers pose as health authorities like the World Health Organization (WHO) and U.S.
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