International Fraud Awareness Week
14 November 2023
Sunday marked the start of International Fraud Awareness Week, an increasingly important date in the insurance world’s calendar.
Running between the 12 – 18 November 2023 this global initiative is aimed at educating both individuals and organizations large and small, across the world about the importance of fraud prevention and detection.
Insurance fraud is a significant sub-category under the overall fraud umbrella with the Insurance Fraud Bureau (IFB) reporting that it costs the UK insurance industry over £2 billion per annum.
In a cost of living crisis there is likely to be little sympathy from the man on the street for insurance companies and their perceived deep pockets, with insurance fraud all-too-often being seen as a victimless crime. But I can say without fear of contradiction, from my years dealing with fraud that nothing could be further from the truth. Whether it be the claim for the stereotypical ‘damaged Rolex’ or more sophisticated organised groupings of the much-reported ‘cash-for-crash’ fraudsters the impact on those against whom it is perpetrated can be profound.
We all ultimately pay the price whether that be in the form of increased premiums or emotionally. Certainly, being the victim of say an induced accident or even exaggerated claim can be a harrowing experience; I recall a client several years ago expressing just what a negative impact it had had on her life; that someone could so vehemently claim something had happened when, in fact, it had not.
It is no wonder then that insurers are keen to impress upon the public that the issue is a serious one and one that is likely to keep rearing its head unless initiatives are undertaken and effective deterrents put in place.
I have been at Carpenters Group barely a month but, already, I have seen the determination throughout the business to detect, oppose and ultimately punish those who seek to defraud not just our insurer clients but society as a whole.
As affiliate members of the IFB, we work closely with our clients and are privy to a range of bespoke products and services designed to detect organised and premeditated fraud. Not only that, I have seen first-hand the determination of our handlers to detect and deal with opportunistic fraud.
This commitment to counter fraud is solidified with the Firm’s longstanding sponsorship of the Insurance Fraud Charter which is chaired by Donna Scully (Owner/Director).
We wholeheartedly support the Insurance Fraud Bureau’s (IFB) drive to bring to the forefront of the public’s mind the profound effects insurance fraud has across society, more information can be found by clicking the following link: - IFB urges the public to report insurance scams with fraud becoming a more tempting crime | (insurancefraudbureau.org)
Kevin Perkins, Operations Manager and Fraud Lead