Fraud Investigations
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In 2005, insurance fraud rose dramatically with it being estimated that 40% of the 420,000 claims for lost or stolen handsets were false due to customers wanting the latest mobile phone.
In response to this trend Lifestyle Services Group established its own fraud investigation service and is currently the only mobile phone administrator that proactively investigates and actively pursues criminal prosecution for false claims. The key objectives of the team are to:
- Proactively examine risks which affect Lifestyle Services Group & Client revenue streams
- Prevent/contain issues which may be a risk to Lifestyle Services Group and our client’s reputation
- Compile evidential packages for criminal investigations for all cases of discovered fraud
- Seek to recover restitution by civil means from those who defraud Lifestyle Services Group and our clients
Through the hard work of our in-house experienced investigators we have helped to mitigate unnecessary losses for the business and our clients, saving £2.5 million on identified and prevented fraudulent claims in the last three years.
This success has been recognised within the industry after the team were named as the ‘Fraud Investigation Team of the Year’ at The Insurance Fraud Awards 2010 and one of the best Fraud Initiatives of the Year at the 2010 Insurance Times Awards.
Click here to read more about combating casual fraud on mobile devices.