Our stance on fraud, bribery and corruption
At LV= we’re serious about protecting what you love. That includes protecting you and our business against fraud. Fraud affects all of our customers, often by increasing premiums, so we’ll do whatever we can to stop it. The Association of British Insurers (ABI) reports that £3.3 million of fraudulent claims are now being exposed by insurers every day.
As well as being harmful to our customers and our business, the money made from fraud can be linked to organised crime and even terrorism. So, it’s vital that we have robust internal controls in place such as processes, systems and staff training to help prevent fraud, bribery and corruption, and other financial crimes. This is in line with the law, regulation, our values, and our social responsibilities.
As part of our commitment to stopping fraud, we’re members of anti-fraud organisations such as Cifas and the Insurance Fraud Bureau (IFB) which includes Cheatline. We also contribute to the Insurance Fraud Enforcement Department (IFED) run by the City of London Police.
Let's take a look at some of the most common types of insurance fraud...
How to avoid becoming a victim of financial crime
- While financial crime comes in many different forms, it's important to protect yourself as best you can
- To make sure you don't get caught out, you need to be prepared to spot the signs of fraud and cyber-crime to keep you and your money safe
- Being a victim of a cyber-attack has many implications, so staying secure online is essential to protecting your personal identity and finances
- Take a look at our Cyber Crime hub to find out how to stay safe online
How can you 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 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.