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There are 8 blog posts in the category "fraud"
The Association of British Insurers (ABI) has revealed that 99% of claims made on ABI member Cyber Insurance policies in 2018 were paid. This is one of the highest claims acceptance rates across all insurance products.
New research on behalf of the Charity Commission confirms that charities are increasingly aware of the risk of cybercrime, a term which includes phishing, malicious emails, hacking and extortion attacks on a charity’s data or systems.
A fraudulent insurance claim is often seen as a ‘victimless crime’ but in reality every honest policyholder is paying an inflated premium to cover these payments. The scale of this problem is growing, and the latest figures published by the Association of British Insurers (ABI) indicate that the total number of fraudulent claims detected in 2018 rose by 3% over the previous year to 469,000, and their value increased by 6%.
According to one leading Cyber Liability Insurer, AIG, business email compromise (BEC), commonly referred to as phishing, has overtaken ransomware as the number one cause of cyber security insurance claims.
According to the Insurance Fraud Bureau, a company established to fight against insurance fraud, 'Crash for Cash' scams, where fraudsters deliberately manufacture collisions with innocent road users to profit from fraudulent insurance claims, are costing around £340m a year. This, of course, puts innocent motorists in danger and feeds into insurance premiums, leaving honest motorists and fleet managers to pick up the tab.
Imagine logging onto your computer and being met with the following message:
All your files, documents, photos, databases and other important files are now encrypted.
The only method of recovering files is to purchase an unique private key.
Only we can give you this key and only we can recover your files.
UNDER NO CIRCUMSTANCES DELETE THIS FILE, UNTIL ALL YOUR DATA IS RECOVERED
FAILING TO DO SO, WILL RESULT IN YOUR SYSTEM CORRUPTION, IF THERE ARE DECRYPTION ERRORS
Financial fraud has increased in the last year as more than a million cases in the UK have occurred between January and June 2015. Fraudulent activity has increased so rapidly that it now accounts for nearly half of all crime, stated by Ian Dyson (Commissioner of City of London Police). The majority of incidents consist of payment card, cheque, online banking or telephone banking fraud.
Businesses face a growing threat in person, over the telephone or through e-mail from fraudsters pretending to be someone they are not, in order to secure bank account access details. These money transfer scams are the most common scams that consumers fall for with banks and insurers suggesting that this is now a daily event with circa 50, or so, a day being successful.