Insurance Fraud Enforcement Department’s Post

Only one in ten UK adults has heard about #GhostBroking, does this surprise you? Today, together with the wider insurance industry, we're launching a campaign to raise awareness of Ghost Broking and help the public protect themselves against it. Our recent YouGov survey revealed that one in five young adults (under the age of 24) have searched for insurance deals on social media. This is concerning as the industry has seen a considerable year-on-year increase of Ghost Broking cases that started on #SocialMedia and determined this was the fastest growing space for this type of #InsuranceFraud. Read more here: https://lnkd.in/g6CPqref City of London Police’s Insurance Fraud Enforcement Department, Association of British Insurers, Ageas UK, Allianz Insurance Aviva, Direct Line Group, Hastings Direct, Markerstudy Group, and Crimestoppers Trust – together we stand against fraud. #GhostBroker

Great to see the IFB encouraging customers and insurers to be alert to the issue of ghost broking. These so-called “brokers” are a million miles from the genuine brokers who offer critical advice to support customers. We would urge consumers to be wary of offers of cheap insurance on social media or messaging platforms. Last year Aviva identified fraud on more than 51,000 motor policy applications, up 64% on our 2022 policy fraud detection figures, so any steps that can help to reduce insurance fraud, in any guise, are to be applauded. #GhostBroker #GhostBroking #GhostBrokers #InsuranceFraud

I’ll be honest, 6 months ago I hadn’t heard of Ghost Broking myself. That was before we took the same first party technology that we use for marketing, and started looking for suspicious activity instead. Since disappearing down this particular rabbit hole – we’ve learned a lot and uncovered the detail behind this sophisticated fraudulent behaviour. Being able to stop the activity in real-time before the policies are even incepted is key. Insurance companies themselves face ongoing risk of this behaviour, and ultimately it impacts all policy holders. We need to do all we can to recognise and prevent Ghost Broking from happening in the first place – as well as this valuable education piece. I won’t share details of a solution here, but if you are interested to hear more – please do get in touch.

Ghost Broking As a Dad to a Social Media-savvy 18 year old just finding her way in the world, it’s important to spread the word 🔍 Understanding Ghost Broking Ghost broking is a fraudulent practice within the insurance industry. Scammers pose as legitimate insurance brokers, offering policies at unrealistically low prices. However, these policies are often fake or invalid, leaving unsuspecting individuals without proper coverage. How Does It Work? Deceptive Deals: Ghost brokers lure victims with promises of cheap insurance rates. Social Media Tactics: They exploit social media platforms, targeting users who search for insurance online. Consequences: Victims unknowingly drive uninsured, facing legal penalties and financial risks. Why It Matters: Aside from the risk of being uninsured, this preys on the vulnerable, including many who wouldn’t consider themselves vulnerable.

Criminals will find all ways to commit fraud, "ghost broking" can be added to the list. Damage Control helps to stop insurance fraud. This has a positive impact of reducing premiums for everybody and beating criminals in all areas of fraud. Get in touch today to find out how we can help to #BeatFraudTogether

Education plays a key role in identifying and disrupting insurance fraud. By recognizing a few of the common scams, individuals may be able to avoid becoming a victim. When brokers/agents know what to look for, they can help protect their clients from fraudsters.    Équité Association's resource library has lots of tips and insights to be better able to identify and prevent insurance fraud.   This article highlights a few of the most prevalent types of insurance crime to keep an eye out for. https://lnkd.in/gZUvMUnm   #insurancefraud #fraudprevention #collaboration #canadianinsurance #insuranceindustry #fraudpreventiontips #resources

Great share from Équité Association … understanding fraud typologies can help us do our part to combat the problem as individuals. Fraud costs the good citizens hundreds of dollars a year on premiums, education helps us all and can hopefully mitigate these rising costs. #fraud #insurance #claims #insuranceindustry

'Insurance fraud epidemic continues; drives up operational, consumer costs', an interesting article posted on Insurance News Net reposted by NICB. Discussion on consumer attitudes, opportunistic versus organized fraud, identity theft, fraud statistics, and technology. Check it out! #analytics #fraudprevention #investigations #claims #insurance #lawenforcement

Agero is teaming up with the National Insurance Crime Bureau to combat insurance fraud. The FBI reports that the total cost of insurance fraud is estimated to be more than $40 billion per year, costing the average U.S. family between $400 and $700 annually in increased premiums. Together, NICB and Agero are protecting insurers, drivers and our communities from the adverse effects of fraudulent activities. Learn more here:  https://lnkd.in/gfZHBMvZ

In the realm of insurance fraud, proactive solutions are essential to: 1. Prevent Fraud: Actively close system loopholes to prevent fraudsters from committing fraud. 2. Identify Fraudsters: Use forensic evidence to uncover the Identity of fraudsters, stripping away their anonymity. 3. Ensure Genuine Policies: Require insurance policies to be taken out only by individuals who provide their Identities at a forensic level, ensuring both the insured and beneficiaries are real people. This includes capturing Personal Identifiable Information with fingerprints and, if possible, DNA, using forensic protocols for verification upon death. 4. Verify Deceased Identity: Match the deceased individual's identity against their recorded alive Identity using forensic data. DAL Identity International stands out as the only Forensic Identity Management (FIM) company globally that protects the Identities of both living and deceased individuals. We are also unique in processing deceased identities with our Deceased Identity Administration Network (DIAN) solution. https://lnkd.in/dV4ANTpP Contact us to discuss how we can provide the most accurate and secure solution to mitigate life insurance and funeral fraud.