Introduction to the world of Credit Hire Fraud

Credit hire volumes and spend continue to greatly concern the motor insurance industry, with current industry estimates indicating an annual credit hire bill of circa £800m.

Litigation rates in the arena remain steady and, Keoghs will deal with over 5,000 litigated credit hire claims and 42,000 pre-litigation payment packs which gives an unrivalled insight into CHO behaviours and tactics across the market and visibility in respect of fraudulent activity and those individuals and entities attempting to raise revenue through dishonest means.

Credit hire fraud remains hugely prevalent and there is currently no light at the end of the tunnel. Estimates indicate that 10% of the annual credit hire bill can be attributed to these fraudulent credit hire organisations (CHOs) and claims. This presentation will help explain current trends and methods that are being used to identify and investigate credit hire fraud.

Learning Objectives

At the end of this session, participants will have an overview of the following:
• Credit hire fraud and credit hire fraud indicators
• Handling credit hire fraud claims
• Recent case studies and their outcome

As Director of Credit Hire Fraud, Fraser is responsible for developing and implementing key credit hire fraud strategies, working closely with insurers to identify current threats and provide strategic advice. He also delivers bespoke training and case surgeries on credit hire fraud issues.

Since joining Keoghs in 2002 Fraser has undertaken a variety of technical roles. Moving into credit hire in 2007, one of his first tasks was to co-ordinate a bulk litigation project against a major credit hire organisation for one of our major insurer clients. During his time in complex credit hire Fraser defended cases up to a value of just over £100,000. In a 12 month period he saved his various clients over £1,400,000 with a savings percentage of over 75%.

To book your place email: ian.stockley@tescobank.com