Synectics Solutions publishes new insight report: Ghost broking victims up 93%, with two thirds exploited in further fraud

New insight report: Ghost broking victims up 93%, with two thirds exploited in further fraud

There has been a sharp surge in the number of ghost broking victims flagged by insurers, with a 93% increase in victim reports in just one year.

Analysis from the National SIRA fraud intelligence consortium also found that 66% of stolen identities linked to ghost broking are reused in further fraud across sectors.

This is the highest associated reuse rate of stolen IDs of any fraud type, compared to a 21% average. The gap points to ghost broking now functioning as a powerful identity harvesting mechanism, reflecting a more aggressive and scaled approach by organised insurance fraudsters.

These findings form part of a new report by Synectics Solutions, Signals: Intelligence Behind the Fraud Patterns that Matter, released on 18 March.

Signals features five chapters of new insight about the fraud patterns impacting insurers and brokers. Alongside a deep dive into ghost broking, the report explores:

• Synthetic identity fraud: 1 in 3 synthetic identities used repeatedly, with synthetics now accounting for 50% of all ID fraud
• Early warning signals: 52% of confirmed organised fraud cases are preceded by identifiable suspicious behaviour
• Cross-sector fraud travel: 22% of fraud encountered has appeared elsewhere, often in a different sector

You can get a copy of the full report here.