IFB intensifies efforts for Fraud Awareness Week
【Summary】The Insurance Fraud Bureau has launched a digital marketing campaign for Fraud Awareness Week to raise awareness of insurance fraud scams. Fraud is the most experienced crime in the UK, costing £7bn annually, with insurance fraud alone costing insurers over £2bn a year. The campaign aims to protect policyholders and insurers by highlighting the risks and consequences of fraud. The IFB has received 3,734 Cheatline reports this year, with 68% resulting in action.
The Insurance Fraud Bureau has launched a targeted digital marketing campaign to raise awareness about the risks and consequences of fraud. Fraud is a prevalent crime in the UK, costing around £7bn annually. Insurance fraud alone costs insurers more than £2bn per year.
As part of Fraud Awareness Week, which takes place from 12-18 September, the Fraud Cons campaign aims to educate people about insurance fraud scams. The goal is to protect both policyholders and insurers from falling victim to fraudulent activities.
In June 2023, YouGov conducted a study that revealed a rise in opportunistic fraud. This type of fraud occurs when 'honest' policyholders either exaggerate or provide inaccurate information to lower their policy premiums.
Ursula Jallow, the director of IFB, emphasized the importance of public awareness campaigns. She stated that the insurance industry wants to help the public understand what insurance fraud is and its potential impact and consequences. Jallow also encouraged the public to report any suspicious insurance fraud activity to the CheatLine, which not only helps detect fraud but also supports victims of crime and protects honest customers' insurance premiums.
Since the beginning of 2023, IFB has received 3,734 Cheatline reports, and 68% of these reports have led to action being taken.
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