Police are now using the Proceeds of Crime Act to recover funds which were illegally obtained.
ABI data shows the average fraudulent insurance claim has now reached £12,000 as the the body praises the efforts made by insurers’ fraud investigation teams throughout the pandemic.
The man, who fled to the United States while the case was under investigation, was sentenced to two years imprisonment, suspended for two years and community service.
The fraudster had previously pleaded guilty in June this year to fraud by false representation, money laundering, forgery and to the offence of being an unauthorised broker.
The watchdog said scammers were using the details of an authorised firm to defraud customers.
The fraudster, a broker relationship manager, was sentenced to two years imprisonment suspended for two years and 180 hours of unpaid work after pocketing £106,000 for setting up fake insurance policies and redirecting claims payments.
Insurance Age talks to the LV fraud team about the emerging fraud trends brokers need to be aware of.
Provider says general insurance fraud escalated during the pandemic as it predicts recessionary factors caused by Covid-19 have "created the biggest fraud threat to customers in a generation".
The Bureau is working with Shift Technology to build an AI-backed fraud detection system for the UK.
The dispute centres around accusations of misconduct, data breaches and misuse of the MyLicence platform at Fresh, which was bought by Kingfisher in 2018.
IFED warns of ghost brokers exploiting the pandemic, with fraudsters targeting victims on social media.
Martin McKeague, representing Aubrey Weis, says allegations made in Axa’s defence documents would have “huge ramifications” on the insurance industry.
Property investor Aubrey Weis to rely on admissions made by Lockton in its defence documents at trial, after the broker admitted that a certificate of insurance for the 2019/20 policy year had been issued containing an error.
The provider denies claims that it owes £1.68m in damages after property investor Aubrey Weis took it to court in September.
The specialist insurer allows the IFB to make further inroads into the world of property and casualty fraud.
With an eye on the new fleet technology that businesses will be using or considering in the future to help manage risk and driving efficiencies, Steve Green asks what will the commercial motor insurance market have to come to terms with?
Broker admits former employee forged an email from Axa along with settlement offers for a claim, but claims the business was misled and that these actions did not result in any losses for the customer.
CEO Jacquie Boast says the business uncovered fraudulent behaviour at Fresh, which it bought in 2018, while undertaking its recent change programme and has filed a high court claim for up to £25m.
Property investor Aubrey Weis has alleged that the broker made “false and dishonest representations” regarding settlement of an insurance claim.
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
In the 29th episode of Post and Insurance Age’s video series we gathered together an expert panel to discuss the prevention, detection and prosecution of insurance fraud at a time of pandemic.
Insurance Covid-Cast: Insurtech 100 special – 'The Last Word' with Pie Insurance CEO John Swigart and Shift Technology CEO Jeremy Jawish
In the 26th episode of Post and Insurance Age’s video series we gathered together two start-ups featured in the Insurtech 100, to provide the last word on the rankings.
The watchdog says it is working on getting the fake site taken down.
Police arrested a man yesterday (27 May) for selling fraudulent car cover and offering it to NHS workers at a discount.