What is Ghost Broking? It's a growing insurance fraud scam, common in Canada, Ireland, and the UK. Ghost brokers present themselves as real insurance brokers offering an insurance policy that either doesn't exist or is based on false details. Their policies may seem legitimate but they provide no coverage, leaving the customers vulnerable.
Ghost brokers usually advertise on social media targeting young or inexperienced victims.
The consequence for the policyholder can be severe. They would have to pay the damage out of their pocket because the policy is invalid or they could have legal consequences. All this makes it more difficult for a policyholder to get new and legitimate insurance coverage in the future.
If you are looking for motor insurance, the best way to protect yourself from ghost brokers is to do your research and check the credentials of an insurance broker on the regulator's website.
For insurance companies, there has never been more technology available to help you detect ghost brokers. Network analytics solutions are now available in real time. Incorporating third-data platforms will help you make a more informed decision. All these solutions come together in a fraud platform to make ghost brokers' job as hard as possible. They approve authenticity, help detect insurance fraud and improve trust.
15 сен 2024
