Calls for tougher social media regulation amid ‘ghost broking’ explosion
An explosion in ‘ghost broking’ is fuelling policy fraud, leading to calls for tougher regulation on social media to protect vulnerable customers.
Policy fraud rose 31% in the period from the fourth quarter of last year, to the first quarter of 2023, according to LV.
Behind the rise is a 143% rise in ghost broker referrals to the police.
This huge rise in ghost broking referrals was measured year-on-year between 2021-2022 into the Insurance Fraud Enforcement Department at the City of London Police.
15%The percentage of all policy fraud made up by ghost broking, according to Aviva
Social media regulations‘Ghost brokers’ are
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