Frauds

While these figures are encouraging, IFED is well aware that the fight against insurance fraud is an ongoing one and that fraudsters are constantly trying to come up with new ways to defraud the industry and members of the public

http://news.cityoflondon.police.uk/r/1091/ifed_s_response_to_abi_s_annual_detected_fraud_fi

Four men were sentenced at Inner London Crown Court, for their part in carrying out a series of ‘crash for cash’ frauds, and then claiming against fraudulent insurance policies.

http://news.cityoflondon.police.uk/r/1092/four_family_members_sentenced_for__crash_for_cash

Man pretended to be Grenfell victim then racked up £40,000 bill after council put him up in exclusive London hotel

https://www.independent.co.uk/news/uk/crime/derrick-peters-grenfell-tower-fraud-hotel-bill-burglary-kensington-council-a8506246.html

The judge described the public’s “horror” at such offending, adding: “I can hardly think of a fraud which would meet with greater revulsion.”

https://www.shropshirestar.com/news/uk-news/2018/08/23/grenfell-tower-lies-saw-burglar-swap-jail-for-top-hotel/

More than half a million insurance frauds took place in the UK last year, amounting to one scam every minute, analysis from the Association of British Insurers (ABI) reveals.

http://www.theactuary.com/news/2018/08/one-insurance-scam-detected-every-minute-in-the-uk/

According to the trade body’s research a total of 562,000 insurance frauds were discovered by insurers in 2017, and the value of the fraudulent claims was £1.3bn.

https://www.insuranceage.co.uk/insurer/3561556/abi-figures-show-the-scale-of-the-challenge-in-fighting-fraud

It is estimated that card-not-present fraud will cost retailers $71 billion globally from 2017-2021.

https://www.itproportal.com/features/smarter-data-the-sharpest-weapon-to-fight-ecommerce-fraud/

Criminals are moving towards methods less susceptible to direct bank intervention, such as scams directly targeting the customer

https://www.coventrytelegraph.net/news/coventry-news/fraud-coventry-cashpoint-15033994

Highly sophisticated scammers are luring more people into transferring their pensions into fraudulent schemes.

https://www.telegraph.co.uk/money/consumer-affairs/red-flags-watchdogs-warning-pension-fraud-soars/

Pension scam victims lose an average of £91,000 each as fraudsters see the potential for looting savings pots.

https://www.bbc.co.uk/news/business-45170408