Under-21s top fraud demographic – VFM

Younger people are more likely to commit fraud, according to detection agency VFM Services.

It found that 50% of the claimants aged under 21 it was asked to investigate by its insurers clients were proved to be fraudulent, followed by 34% of those within the 21-35 age bracket and just over 30% of claimants aged 36-45. 

The number fell to 26% of claimants aged 46-65 while 21% of claimants over 65 were identified as fraudulent.

Director Sally Griffiths said: “The trends we identify often help to inform insurers’ counter fraud and underwriting strategies. I would however raise a point of caution. While we believe it is important to highlight these trends to insurers and flag those demographics and groups more likely to commit fraud, this information should not be relied upon in isolation. 

“Just knowing a person is more likely to commit particular types of fraud due to their age is not enough; we must treat all claimants as honest until they are proven otherwise.”