Insurance Fraud Bureau (IFB)

We welcome today's announcement by Chancellor Rt Hon Rachel Reeves highlighting a crackdown on benefits fraud. #Fraud is a vicious cycle and fraudsters are often linked to other types of fraud and wider financial crime, including #InsuranceFraud. Money gained through illegitimate means is often used to fuel further criminal activity. Taking fraudulently claimed money out of the hands of fraudsters will help break these patterns.

Commercial insurance fraud has a major impact on businesses and livelihoods, which makes public awareness vital in fighting these threats. That's why in the latest phase of our #FraudCons campaign, we're shining a spotlight on common commercial scams, with ads running nationally across Facebook, SnapChat, YouTube Shorts and mainstream websites.   This includes highlighting the devastating impact of opportunistic fraud, where bogus claims such as fake injuries, are made against businesses. We're also reaching out to people in the #GigEconomy, to highlight the consequences of using #GhostBroking policies for vehicles they depend on for their day job. Find out more at https://lnkd.in/e-hAKTd5   #SliporTrip #Commercial #InsuranceFraud #CommercialFraud #SmallBusinesses

Tackling fraud is a priority for the Association of British Insurers and our members, and I’m proud to be a member of the government’s Joint Fraud Taskforce. Yesterday, the industry and government launched an important new Insurance Fraud Charter. The industry is uniting in its efforts to identify loopholes in the insurance market, enhance collaboration and criminal justice outcomes, better understand the scale of the problem and improve victim support. The pledges include:   🚨 The National Crime Agency (NCA)'s National Assessment Centre carrying out a review into the role of professional enablers in the insurance sector - where someone provides false evidence to support a bogus insurance claim.   🔍 Identifying policies being exploited by "illegal insurance intermediaries" - someone pretending to be a broker or selling completely fake insurance to customers 🤝 Working with industry to understand uses of, and blockers to, information sharing between the insurance industry and other sectors, intra-sector, and government 🔐 Strengthening data security measures to stop insurance fraudsters using customer details to target people.  💻 Reviewing the tactics and websites being used by fraudsters to promote bogus insurance offers.   In 2023, ABI members detected over 84,000 fraudulent insurance claims worth £1.1 billion. The impact this has on victims is devastating and honest customers face higher premiums as a result. Tackling insurance fraud requires a collaborative approach between private and public sector. Through the ABI, the industry funds the Insurance Fraud Enforcement Department, a bespoke unit at City of London Police specifically set up to investigate insurance fraud nationally. We also helped to establish the Insurance Fraud Bureau (IFB) in 2006. The IFB supports the industry and law enforcement by providing intelligence, assisting in fraud investigations, and raise public awareness of insurance fraud scams. We continue to work closely with them to shape the industry's counter fraud strategy and ensure it remains agile and responsive to the changing fraud landscape.   As our lives become increasingly digital, online fraud has also increased. To raise awareness, we ran a campaign earlier this year to highlight the different types of online insurance fraud. We ran ads across social media, worked with financial influencers, and shared interviews and case studies to help the public stay safe online.   The Insurance Fraud Charter is part of the UK Fraud Strategy that we’ve been working closely with the UK Home Office on to implement. We're delighted to have agreed the Insurance Sector Fraud Charter with the Home Office, boosting the industry's resilience and ability to fight fraud. We look forward to continuing to work with the Home Office, Lloyd's, International Underwriting Association of London, LMA, LIIBA - London & International Insurance Brokers’ Association, BIBA and other industry signatories to implement the Charter commitments.

A major new crackdown on insurance fraud has been announced by the Joint Fraud Taskforce today, as the Insurance Sector Fraud Charter is introduced. Ursula Jallow, Director at the IFB, said:   “We welcome the Insurance Sector Fraud Charter, which has been announced by the Joint Fraud Taskforce.   “Insurance fraud has a devastating impact on businesses and wider society, therefore, it’s vital that the private and public sector collaborate closely to fend off fraud threats. We look forward to supporting the charter, which we believe will enhance the industry’s fraud defences and sends a clear message that insurance scams will never be tolerated.” Find out more at https://lnkd.in/dwfUcMv #InsuranceFraud #JointFraudTaskforce #HomeOffice #Insurance

This #HalfTerm, make sure you know what's included in your travel insurance and that you have the cover you need. Making a false insurance claim is #fraud and the consequences aren't worth it. Together with City of London Police's Insurance Fraud Enforcement Department and the wider #InsuranceIndustry, we're committed to fighting all types of #InsuranceFraud. #Travel #Holiday

Earlier this year we ran a campaign highlighting the consequences of committing application fraud on an insurance policy. One of our focuses was around household claims and flooding, and as part of this we encouraged the public to check their policies in the summer, before bad weather started. Our hope is that our ads prompted viewers to check their existing policies or take out new policies, so that they have the right cover and support in place, should the worst happen. #ApplicationFraud is when you knowingly take out a policy with the intent of making a false claim. This could involve taking out a policy after the damage has happened or taking out a policy to claim for past damages. Making a fraudulent claim can result in the following consequences: - Any legitimate part of the claim can be dismissed - You could be placed on the IFR (Insurance Fraud Register) - You may face fines and a conviction - You may struggle to get insurance in the future, including for other unrelated products (including your car) or your premiums may be inflated to account for the additional risk you pose #InsuranceFraud #Consequences #CrimeDoesntPay #Fraud #Flood

The difference between #good and #great are the #people doing the work, which is why we are thrilled to be sponsoring the Outstanding Team award at this years Tackling Economic Crime Awards (TECAs). It is a great display of the hard work we've seen consistently throughout the #InsuranceIndustry and beyond. Good luck to all those shortlisted! #TECA #Awards #Recognition #Finalist

#InsuranceFraud is borderless, so we are thrilled to support our Canadian counterparts Équité Association's latest campaign: "Scams Leave Lasting Scars". Much like our own fraud prevention messaging, they are highlighting that insurance fraud is not a victimless crime. From dangerous #CrashForCash and #GhostBroking #scams, to fraudulently claiming on your insurance, there is always a victim. In the UK it is estimated that fraud adds £50 to the cost of household insurance for each of us. https://lnkd.in/e2gDdG4q #StagedCollision #Awareness #Victim #Crime #Fraud #InsuranceIndustry

We're supporting the national anti-fraud campaign: Stop! Think Fraud, which is run in partnership between City of London Police, the National Cyber Security Centre and National Crime Agency (NCA). Did you know? Fraud accounts for 40% of all crime in the UK, and one of the top scams is fraudsters selling goods and/or services that are too good to be true (spoiler: they're #fake). From an #InsuranceFraud perspective, this can include the likes of fake insurance deals in a scam known as #GhostBroking, and fraudulent insurance services through #PaidAdSpoofingScams. Find out more and if you might be at risk of fraud at https://lnkd.in/g8PVn8pA   #StopThinkFraud #InsuranceIndustry #Fraud #Campaign #Awareness

We love to give back to the communities in which we operate, serve and live and, where we can, make a real difference through meaningful contribution. This week saw team members John D., Chloe A., Jonathan Duffy and Jason Bradley muck in and help out Spitalfields City Farm.   The farm works closely with the local community, providing voluntary and educational opportunities to empower people to gain new skills and confidence. Their vision is to create an inclusive space for all, that empowers people to make positive change to their lives, their community and the planet. We are thrilled to be able to support them in this endeavour.   #Volunteer #GivingBack #Local #ChangingLives #Charity #People #Communities #Health #Wellbeing