Sector experienced second highest increase in 2013
Insurance fraud rose by 31.5% in the first four months of 2013 compared with the same period last year, despite a 16.5% fall in overall fraud levels, CIFAS figures show.
A total of 3,673 instances of fraud involving insurance products were reported by CIFAS members from January to April, accounting for 4.8% of all cases. Only the loans industry had a larger increase – up 42.3% on 2012, with 5,107 cases, accounting for 6.7% of the total.
Of the 75,755 fraud cases reported by members in the period, 21,210 involved bank or store cards, accounting for 28% of the total and up 28% on 2012, according to the figures released yesterday. Bank account fraud was down 31.8%.
CIFAS communications manager Richard Hurley said: “What we are seeing … is possibly the early stages of yet another shift in fraud dynamics, as some more ‘traditional’ targets are replaced by new possibilities of easily obtained money.”
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