Major insurer LV= has joined the Insurance Fraud Register (IFR), the first industry-wide database of insurance fraudsters in the UK.
The company will now share data it holds on fraudulent cases with other IFR members to help protect honest customers.
The insurer can also consult the database to support its cross-product fraud prevention strategy.
“Fraud is a big issue for our industry and we’re pleased to be able to collaborate with others to tackle this problem,” said Ursula Jallow, LV= head of group financial crime intelligence and crime solutions.
“Our inclusion on the register will further protect our innocent customers and send a strong message to the insurance fraudsters when they are identified,” she added.
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The IFR was developed to improve the industry’s fraud prevention defences and act as a deterrent to people who may consider committing insurance fraud.
Currently, IFR holds the details of thousands of proven fraudsters and is the first industry-wide database which can be used across policy and claim lifecycles.
“The industry is taking tough action against fraudsters and investing heavily in counter-fraud defences,” said Insurance Fraud Bureau director Ben Fletcher.
“The IFR is a vital tool for insurers as it gives the industry a central record of known fraudsters with insurance cheats being caught, now more than ever before,” he also said.
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