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Fighting financial crime

How financial crime affects you and how we help prevent it

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What is financial crime?

Financial crime covers a wide range of criminal offences including fraud, money laundering, bribery and corruption, terrorist financing, tax evasion and market abuse and insider dealing.

The primary motivation for such crime is to make money.

A conservative estimate of the cost of serious and organised financial crime to the UK is £24 billion a year [1]; the effect of which is felt by individuals, companies, organisations and even nations due to the considerable loss involved.

How does financial crime affect me?

Financial crime is not victimless; it impacts everyone with an increase in policy premiums and can be particularly damaging to the confidence of our more vulnerable customers in their ability to manage their financial affairs.

Everyone is a potential victim; financial crime awareness is key to your protection.

Read more about how you can avoid becoming a victim of a financial crime by spotting the signs

Different types of financial crime

Insurance fraud

  • Crash for cash
  • Illegal Insurance
  • False declarations of No Claims Discount
  • Policy Fronting
  • Claims Farming
  • Ghost brokers

Pension fraud

  • Vulnerable adults
  • Investment fraud
  • Pension scams
  • Pension liberation

Other types of financial crime

Money laundering

This is the generic term for a crime by which criminals disguise large amounts of money, usually obtained from serious crimes, such as drug trafficking or terrorist activity, and create the appearance that the money originally came from a legitimate source.

There are three main stages to money laundering - placement, layering and integration.

1. Placement - This is when the illegal money is introduced into the financial system

2. Layering - This is the movement stage, where the money separated from it's source and disguised

3. Integration - Money is returned to the criminal from what looks like a legitimate source

Terrorist Financing

In short, terrorist financing provides funds for terrorist activity. The funds could come from legitimate sources such as personal donations and profits from charitable companies, or the funds could come from criminal sources such as the drug trade, fraud or kidnapping.

Financial transactions associated with terrorist financing tend to be in smaller amounts than they are for money laundering, so they can be harder to track.

Do you suspect financial crime?

If you have an LV= policy and you're worried about, or have a suspicion of, financial crime please contact us on:

0800 633 5420

Or alternatively, you can email us.

If you don't have an LV= policy, you can report your financial crime suspicions to Cheat Line on: 0800 633 5760.

Insurance Fraud Bureau - CheatLine logo

Preventing fraud at LV=

At LV= we work hard to prevent financial crimes to help keep your premiums as low as possible.

We also employ teams of specialists, with many years of crime fighting experience, to investigate any suspicions of financial crime and report our findings to the police and other law enforcement agencies.

We work with many organisations to support this.