Insurance fraud has traditionally been centred on dodgy claims involving fabrication or exaggeration by the policyholder, while banking fraud tends to centre on the misuse of a person's identity or the creation of a fake persona to obtain funds or abuse a line of credit. Now the criminal Frankensteins have combined the two to unleash a new monster: applications for insurance made using fake identification with the sole purpose of submitting a fraudulent claim.
This development forces insurers,
The Insurance Age team examine the most read stories for the week commencing 3 June 2019.Subscribe to our daily newsletter for all the latest news
- Tokio Marine Kiln Insurance to go into run-off
- GRP-owned Sagars buys Thomas Cook
- PIB's £50m spending on brokers in 2018 revealed
- Insurers could face fines for £4bn dual pricing "rip off"
- Hiscox creates Cyber Exposure Calculator
- Adrian Brown becomes NED at SSP
- Waite-led Premium Credit takes Howells from Close Brothers and Thomas from RSA