So, 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.
- The estimated cost of serious and organised financial crime to the UK is £37 billion a year. The impact is felt by individuals, companies, organisations and nations due to the considerable loss involved.
Does financial crime impact me?
Financial crime impacts everyone with an increase of premiums of up to £50 per person. It can also damage the confidence of our more vulnerable customers in their ability to manage their financial affairs.
There’s sometimes a lot to think about when planning for your financial future, so being able to spot fraud will help you avoid becoming a victim.
Here are some handy tips to help you stay safe.
The different types of financial crime
Preventing financial crime at LV=
We employ teams of specialists, with many years 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 including:
How can I report fraud?
If you have information to suggest that a person has or is attempting to commit insurance fraud against LV= or any other insurer, please let us know by telling CheatLine online or by calling them on 0800 422 0421. If you don’t want to give your details, that’s okay, you can do it anonymously. They’ll then pass the details to us so we can look into it further.