The number of fraudulent insurance liability claims, which are more commonly known as ‘slip and trip’ claims, increased substantially last year, new figures have shown.
According to official data from the Association of British Insurers (ABI), there were 19,800 cases of bogus liability claims in 2014, which represents a 75 per cent increase on the year before. These mainly involve cases when someone says they have suffered an accident because of someone else’s negligence.
Frenkels Forensics is involved in both sides of this debate, acting in professional negligence cases as well as fraud investigations.
Forensic accounting can play an important part in fraud cases, both criminal and civil. Whether it is investigating accusations that a business is losing money due to a fraud being perpetrated by one or more of its employees, or examining and analysing evidence prepared by the Crown Prosecution Service against an individual accused of fraud, the ability to meticulously review a wide range of information is imperative in demonstrating either guilt or innocence – in other words, adding a financial value to an act of fraud or indeed negligence.
As the ABI data illustrates, fraud is common, particularly because there are so many different forms it can take. However, Frenkels Forensics has seen from its experience in bringing a fraud case against an individual that prosecutors are often guilty of simple arithmetic errors or drawing the wrong conclusions from financial documents. As such, having experienced experts on hand who can spot any such mistakes and ensure the case reaches a fair conclusion is of utmost importance.
For expert help with any fraud investigations contact Frenkels Forensics for an independent appraisal.
Alternatively, if you’re looking for advice in any aspect of forensic accountancy, then do get in touch via Twitter, Google+, LinkedIn or by visiting our website www.frenkels.com
By Vitek Frenkel – find me via Google+.