IFB shares latest fraud insight via Strategic Threat Assessment (STA)

IFB has revealed the latest fraud insights through its latest, quarterly Strategic Threat Assessment (STA). Through the STA, IFB customers exclusively benefit from understanding the fraud threats prevalent across the insurance industry, analysis of the reasons for them and how to potentially tackle them.

The STA includes current data on claims, policy and enabling activity and spans various fraud types looking at both organised and opportunistic fraud.

Data is collected from both quantitative and qualitative sources including PESTLE customer workshops, Insurance Fraud Enforcement Department (IFED) and data held on the Insurance Fraud Intelligence Hub (IFIHub).

The STA is part of the decision-making process across the industry and testament to how IFB utilises its unique position in the industry.

Ben Fletcher, Director of the IFB, said: "The links between the cost of living and the heightened risk of committing fraud are often talked about but it is through the analysis conducted for our Strategic Threat Assessment that we have seen evidence across both claims and policies that this is a real threat that not only causes concerns for people during these hard times but one that insurers are increasingly having to identify how best to manage."