Monday 23 January 2012

Thousands of drivers duped by fake car insurance

Up to 20,000 motorists could be driving uninsured after responding to cheap insurance offers from 'ghost brokers' which appear to undercut genuine insurance firms.
The multi-million pound scam is operated by fraudsters who target drivers who are economising and looking for cheaper motor insurancedeals. These motorists are likely to be vulnerable pensioners, young drivers struggling with soaring premiums and those living within communities where English is a second language.
Some of these drivers have purchased policies that are worthless, leaving them without cover and open to prosecution in the event of an accident
Ghost brokers commonly trade through websites, newsagents and outside supermarkets, often placing fliers under windscreen wipers of vehicles in car parks. Typically, the firms or individuals that advertise act as middlemen where they will contact real insurance providers on behalf of customers to arrange cover.
For instance, some ghost brokers issue completely fictitious policies while other illegal insurance advisers take a cash payment from the customer, but then use stolen credit card or direct debit details to pay the premium to an insurer.
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In other cases, the fraudsters apply to genuine insurance companies for cover on the customer's behalf, but alter personal details such as age and address which would otherwise push up the cost. This leaves the customer with an invalid policy and the potential for any claims to be declined.
The problem has become so prevalent that the City of London police have set up a fraud unit focusing on combating insurance fraud, recently estimated to be costing the UK £3 billion per year. The Insurance Fraud Enforcement Department (IFED) is funded by the insurance industry and run with operational independence by the City of London force.
Malcolm Tarling, a spokesman for the Association of British Insurers, said: "If you are approached by someone offering cheap insurance or you see an offer that seems too good to be true, then it probably is. If you are unsure if an insurance intermediary is legitimate then check with the Financial Services Authority that they are authorised and registered with the FSA."
Mr Tarling said drivers who were arranging motor insurance should expect to receive a certificate of motor insurance, a schedule of cover and the policy document or a web address where it can be viewed or printed.

from the telegraph

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