As many as one in four young adults now say they would ‘likely’ consider an act of insurance fraud if they were struggling financially, according to a survey published by the Insurance Fraud Bureau.

The findings of the YouGov poll come amid concerns that more people are turning to opportunistic fraud as they struggle with the cost of living crisis. In response, IFB has launched a public awareness campaign called Fraud Cons to highlight the 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. Fraud can also 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.”

The survey results suggest young adults are more likely to consider insurance fraud than older respondents, and there has been a rise in people’s willingness to do so when compared to the same survey question results taken in July 2022.

The 2023 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 – this was previously one in five (21%) just one year earlier. And, one in five (22%) 25-34 year olds would do the same, up from 16%. 21% of 18-24 year olds would also consider lying on an insurance claim to make money, up from 14% in 2022.

Mark Allen, assistant director and head of fraud and financial crime at the ABI, added: “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.”

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