Stamping out fraud

While the insurance industry has had some successes in the fight against fraud, this crime has not always received the attention it deserves from insurance firms. Liz Booth explains that sharing information and technology can help reduce insurance-related crime

Fraud is a growing problem for the financial services sector, both in terms of exaggerated claims and in organised crime - and with the latest Association of British Insurers (ABI) study putting the cost of insurance fraud at an estimated £1.6bn, it would be a dream come true if a one-size-fits-all technical solution could be found.

Technology is playing a growing part in tackling fraud, and many insurers have invested in a range of options but so far the magic wand has yet to be waved.

Bobby