The insurance industry comes under fire as the cost-of-living crisis increases
The world is currently facing one of the harshest economic climates experienced since the 2008 Global Financial Crisis, one of the worst financial crises in modern history. This raises concerns that more people may turn to fraud to address the financial pressure they are experiencing.
"Rising inflation and the current war in Ukraine are two major contributors to an increasing cost of living crisis. This is putting many people in a difficult financial position; reports out of the United Kingdom show that people are increasingly considering turning towards fraud to relieve this pressure," says Manie van Schalkwyk, CEO of the Southern African Fraud Prevention Service (SAFPS).
Recent international fraud tactics
Research by the Insurance Fraud Bureau (in the UK) points out that as many as on...