Is the sector suffering an attack of the clones?

fraud

Insurance Age takes a look at the recent spate of cloned firms targeting the industry as experts urge brokers to be vigilant.

The Financial Conduct Authority (FCA) has, in recent months, issued a steady stream of warnings about fraudsters targeting the insurance sector by setting up cloned firms.

Broker Protect Your Bubble was cloned in February and Ellis David Insurance Brokers was targeted last October.

And in July 2018 Insurance Age got a Facebook page set-up by fraudsters impersonating Car Insurance 4 U removed, the page had been active for about two months.

In July this year, the regulator warned of fraudsters

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The growing role for brokers in fighting insurance fraud

With reports of fraud escalating in terms of value or number, the role of brokers in combatting these crimes should not be underestimated. Edward Murray looks at the controls, validation tools and processes being implemented to support both detection and prevention.

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