More customers consider insurance fraud

New YouGov findings published by the Insurance Fraud Bureau (IFB) suggest a growing number of young adults could turn to insurance fraud as the cost-of-living crisis deepens.

As many as one in four young adults now say they would ‘likely’ consider an act of insurance fraud if they were struggling financially. The survey found that if struggling financially, one in four (27%) 18-24 year olds would think about lying on an insurance application to save money, and one in five (22%) 25-34 year olds would do the same

In response, IFB has launched a public awareness campaign called Fraud Cons to highlight the devastating consequences that fraud can have on those tempted to make fraudulent insurance applications or claims.

Ursula Jallow, director at IFB, said: “Opportunistic fraud has serious consequences for those who are dishonest, which includes being placed on the Insurance Fraud Register and facing a potential criminal conviction. Furthermore, fraud can put innocent people at risk and adds costs to everyone else’s insurance premiums, which is why we’re so determined to tackle the issue in collaboration with insurers and the police. Our campaign is shining a spotlight on the reality that opportunistic fraudsters face, so that more people will think twice before making a falsified insurance application or claim.”

Mark Allen, assistant director, head of fraud and financial crime, Association of British Insurers, said: “Insurers appreciate that many customers are facing financial pressures due to rising cost of living bills, and they are doing all they can to help, while continuing to pay genuine claims as quickly as possible. But whatever the financial pressure, making a fraudulent insurance claim is not the answer, as the only thing you are likely to gain is a criminal record, making future insurance and other financial products harder and more expensive to obtain.”