Fraud costs Brits £340 each every year, says insurer Norwich Union.
The insurance company says fraud in Britain adds up to £16 billion every year and has increased by 15 per cent since 2000.
Norwich Union says it saved shareholders and policyholders over £103 million last year alone by identifying fraudulent insurance claims.
However, Norwich Union says the fraud they have uncovered is only the "tip of the iceberg".
Norwich’s head of fraud, Chris Hill, said: "Many people believe that fraud is a victimless crime but major insurance fraud scams are becoming more common with members of the public and emergency services unwittingly being involved.
"From staged car-crashes with innocent drivers to arson attacks on businesses and homes, innocent lives are being put in danger because of fraud."
Norwich Union says 80 per cent of people believe they have never been a victim of fraud and could be unwittingly losing £340 every year because of fraudulent activity.
A recent survey by identity verification firm TSSI found half of Brits have committed low level identity fraud, including exaggerating their school and university qualifications to gain employment.To read more about Banking News, click here.
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