IFB ramps up campaign to mark Fraud Awareness Week

The Insurance Fraud Bureau has launched a targeted digital marketing campaign to highlight the risks and consequences of fraud.

Fraud is the most experienced crime in the UK, costing approximately £7bn annually, with insurance fraud alone costing insurers upwards of £2bn a year.

As part of Fraud Awareness Week, which runs from 12-18 September, the Fraud Cons campaign aims to raise awareness of insurance fraud scams to protect both policyholders and insurers themselves.

This comes after YouGov findings in June 2023 suggesting a rise in opportunistic fraud, which is when ‘honest’ policyholders either exaggerate or provide inaccurate details to lower policy premiums.

Ursula Jallow, IFB director, said: “Public awareness campaigns will continue to feature in the IFB’s vital work, the insurance industry wants to support the public to understand what insurance fraud is, the potential impact and consequences. We also want to encourage the public to report suspicious insurance fraud activity to our CheatLine, this helps us support insurers to detect fraud but importantly support victims of crime and protect honest customers insurance premiums.”

So far in 2023, IFB has received 3,734 Cheatline reports, 68% of which have resulted in action.