UK Money News
15th May 2008
Insurance fraud can damage credit record
Consumers who are caught committing insurance fraud will severely damage their finances thanks to advances in technology which are revolutionising the insurance industry, it has been claimed.
According to John Beadle, a counter fraud manager with insurer RSA, the industry is currently developing technology that will enable providers of financial products to share data between them.
This means that being caught submitting a fraudulent claim by an insurance company could have severe ramifications for your finances, he claims.
Mr Beadle commented: "Consumers need to be aware that in the near future we will be able to monitor fraud across a spectrum of financial products.
"If a person commits fraud on an insurance claim and is detected, other financial services companies, such as mortgage lenders and credit card providers, will know and that will have an impact on the success of their application."
RSA calculates that fraudulent insurance claims cost the industry over £1.5 billion a year - and adds five per cent on to the cost of the average insurance policy.
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