Analysis

Cost of living crisis drives greater fraud volume and frequency from non-traditional sources

By 2022-09-07T12:43:00

fraud dictionary

Counter fraud experts explained that difficult economic conditions are leading to increased levels of fraud from non-traditional perpetrators, necessitating a rethink of existing anti-fraud models

More businesses and individuals could be tempted into defrauding their insurers for extra money as the cost of living crisis continues to tighten purse strings across the country.

A collection of counter fraud experts at yesterday’s Fraud Charter roundtable (6 September 2022) – hosted by Insurance Times and sponsored by Carpenters Group – confirmed that they were already beginning to see the impact of the cost of living crisis on the frequency and type of fraudulent insurance claims.

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