Leveraging the value of the intelligence provided by the National SIRA database

We’re delighted to share our unique insight into activity across both the Insurance and Finance sectors of the National SIRA database for 2016. The Synectics Financial Crime Intelligence Team has been working hard to keep all of our SIRA members up-to-date with the latest analysis, and we’re delighted to present this updated view of the different fraud typologies that members have been experiencing as part of their investigative process when using SIRA.

Finance Fraud 2016 highlights:

  • 55% of all national adverse found in 2016 is Identity fraud
  • Current Accounts remain the most targeted product for fraudsters with 204 in every 10,000 Current Account application marked as fraud in 2016, up from 194 in 10,000 in 2015
  • The fraud rate for Basic Bank Accounts increased by 77% compared to 2015 with Application and Identity Fraud featuring heavily
  • There was a 79% increase in the volume of Car Finance /Hire Purchase Applications set to adverse in 2016
  • The volume of mortgage adverse increased by 17.58% compared to 2015
  • Overall there was a 30% increase in submission volumes to Finance National SIRA in 2016

Insurance Fraud 2016 highlights:

  • 40% growth in insurance records submitted to National SIRA with a 76% increase in motor insurance claims records and 41% increase in motor insurance policy records volumes submitted in 2016
  • 56% increase in insurance records set to adverse in 2016
  • 50% of Insurance claims frauds linked to organised fraud
  • Staged and induced accidents accounted for 29% of insurance claims fraud detected in 2016
  • Current address impersonation fraud increased significantly against motor insurance policies in 2016 as fraudster attempt to bypass validation checks on just the policy holder
  • 2016 saw significant increases in the volume of submitted insurance enquiries added to SIRA. The overall increase was 39.92% compared to 2015 and was underpinned by a 40.38% increase in house insurance claims, 75.86% increase in motor insurance claims and 41.02% increase in motor policies.

For more information, please download our Fraud Trends Report for 2016, below: