LV= records jump in ghost broker fraud

LV= General Insurance referrals of ghost brokers into the Insurance Fraud Enforcement Department at the City of London Police has increased by 143% year-on-year between 2021 and 2022. The findings came as the insurer noted a 31% increase in motor policy fraud.

Ben Fletcher, director of financial crime at LV= General Insurance, said: “We’re working hard to proactively detect and disrupt the issue of ghost broking, protecting the victims and our customers. However, we need tougher regulations across social media platforms to protect vulnerable people and prevent the continued rise of ghost broking.

“There are so many different types of insurance fraud, so it’s crucial we help educate consumers about emerging trends and provide top tips to help them spot the signs.”

Jon Radford, head of intelligence, investigations and data services at IFB, added: “The significant financial pressure that so many people are facing is sadly providing fertile ground for ghost brokers.”

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