It is estimated that more than £2bn of undetected insurance fraud is committed every single year and this means that legitimate motorists are being charged more their insurance premiums as a result. Some of the more serious scams, such as so called crash for cash scams, can lead to serious damage to vehicles as well as injuries and even fatalities to those that are unwittingly involved in these incidents. The Insurance Fraud Bureau is a not for profit organisation funded by insurers that aims to minimise insurance fraud and to bring those guilty of it to justice.
Free Download: Crash for cash guide (IFB)
The Insurance Fraud Bureau, or IFB, was established in 2006 by a number of insurance companies and insurers. In the years its inception, the IFB has grown to include companies responsible for insuring more than 95% of the cars on our roads as well as an increasingly large number of local authorities, self insured companies, and compensators. New members continue to register and join every day and these swelling membership numbers mean that the IFB has even greater power to catch insurance fraudsters.
Insurance fraud is a major problem and not just to those that are directly involved. Drivers that are involved in insurance fraud accidents find themselves heavily out of pocket but they may also suffer injuries and stress following car accidents. Furthermore, with a cost of more than £2bn to the industry every single year, undetected insurance fraud is estimated to add £50 per annum to every single car insurance policy. When you next receive your renewal or a new quote, consider the financial impact that insurance fraud is having on your bank balance.
Although the IFB is well known for its work in crash for cash schemes, and the more recent flash for cash schemes, they actually deal with insurance fraud in many different sectors. As well as car insurance, they investigate home and personal injury fraud cases as well. IFB members are also looking into the viability of expanding their reach into other areas of insurance and it seems likely that they will become even more heavily involved in cases from other areas of personal insurance in the future.
As well as its members, the IFB relies on a network of partners and organisations that they work alongside. Police forces from across the UK as well as those from abroad regularly work with the IFB, and so too do government agencies and other investigative agencies. The work undertaken by the IFB is extensive and this means that they regularly deal with a large variety of companies, organisations, groups, and even individuals in order to reduce the impact of insurance fraud.
The IFB is understandably proud of its results since it was established in 2006. They have helped educate drivers and homeowners while also investigating cases of organised insurance fraud. They run a cheatline that enables anybody with information on organised insurance fraud to report the matter, and they are also one of the driving forces behind the Insurance Fraud Register – a register that includes details of all that are found guilty of insurance fraud. They efforts aim to reduce incidents of insurance fraud and therefore improve the lives of honest insurance policy holders.
Insurance fraud is a major problem and organised schemes like crash for cash motor insurance fraud have become more commonplace. The Insurance Fraud Bureau is a not for profit organisation that was established by and is run by some of the biggest and best known insurers in the country along with smaller organisations, government agencies, and local and police authorities from across the country. They regularly investigate potential cases of fraud while educating drivers and homeowners of the potential dangers of insurance fraud.