With credit hire claims capable of exploitation by both opportunistic and organised fraudsters, credit hire fraud is a major concern for many of our clients. Keoghs therefore hosted an all-day event dedicated to tackling this type of fraudulent claim, with the aim of bringing together insurers to discuss the current position, how to combat the problems faced and what the future may hold.
The agenda was innovative and designed to encompass all areas of credit hire fraud, providing the delegates from 16 insurance companies with as much information as possible and also prompting debate about the future challenges that lie ahead. Subjects covered included the use of intelligence and credit hire fraud rings, alongside a market update, and viewpoints from counsel and a credit hire organisation (CHO).
A common theme throughout the day was that the war against credit hire fraud cannot be fought alone and in isolation. In order to combat the small, agile and adaptive CHOs, the industry will need to work together and share as much intelligence as practicable. The speakers all approached the subject from their individual angle and perspective, but the need for insurers to have detailed and robust identification triggers was a common thread.
Stephen Perry, HP Consultants, (very bravely some would say) spoke about credit hire fraud from the CHO’s perspective and the fact that the reputable arm of the industry was keen to stamp out fraudulent claims. He acknowledged that most of the fraud data would be held by the insurers, but was keen for there to be a greater sharing of data and, in return, the CHOs would aid insurers by co-operating in any case where fraud was suspected.
Stephen Turner, Barrister at Parklane Plowden Chambers, gave an interesting and entertaining talk on the recent Umerji Court of Appeal case and also the judicial approach to credit hire fraud, including the arguments that find favour and the courts where defendants tend to fare better.
Feedback from the event was positive, with delegates calling for events like this to be a regular date in the diary. Comments from delegates included: “Really useful day and would encourage these to continue. It’s good understanding the challenges other insurers are facing and that we are not alone. It is beneficial to also hear about things at industry level and the proactive work being done to tackle these issues”, “Excellent day, well worth it”, and “Informative, fascinating and enjoyable.”
The event hosted by Fraser McAndry, director of credit hire fraud, utilised the expertise and experience from around the firm including representatives from our credit hire, fraud rings and intelligence units.
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