Opportunistic fraud surges 82%
2nd May 2023Tweet
The City of London Police’s Insurance Fraud Enforcement Department (IFED) has warned of a dramatic rise in opportunistic insurance fraud after uncovering 18 such cases worth £216,875 in just two months.
Opportunistic insurance fraud occurs when somebody knowingly submits a false claim or exaggerates a genuine one.
Such cases referred to IFED in 2022 were a staggering 82% up on the previous year, with the cost-of-living crisis believed to be a major driving factor.
Detective Chief Inspector Tom Hill said, “Over the past year, we have seen an uptick in opportunistic claims from people exploiting legitimate road traffic accidents to submitting bogus claims for high-value jewellery.
“Fraudulent claims drive up the cost of insurance for everyone, meaning that honest policyholders end up paying the price. As well as this, making a false claim could land you with a criminal record. It may seem like a chance worth taking, but the consequences could have a lasting impact on your life.”
Mark Allen, Head of Fraud and Financial Crime at the Association of British Insurers (ABI), added, “Insurers recognise that many households are still battling the cost-of-living crisis and strive to pay legitimate claims as soon as possible. But honest customers rightly expect insurers to clamp down on insurance fraud.”Tweet
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