Insurance Fraud Bureau of Australia
Helping combat insurance fraud in all of its forms
Welcome to the Insurance Fraud Bureau of Australia (IFBA).
Some individuals see nothing wrong with defrauding an insurance company, often expressing the view that it is a victimless crime.
The truth is that fraudulent insurance claims ultimately cost everybody who takes out insurance. The most recent study estimated that insurance fraud in Australia costs more than $2 billion annually, the cost of which is a significant component of today’s insurance premiums paid by individual honest policyholders. Of course, undetected insurance fraud is, by virtue of it being undetected, often treated as a legitimate claim and paid by an insurer, drawing down on the pool of funds available to pay the claims of honest policyholders.
Insurers don’t think that honest customers should be paying for fraud. IFBA has been established by insurers to help co-ordinate action against individuals committing insurance fraud in Australia, using models and techniques that have proven successful in the United Kingdom and in other jurisdictions.
Most Australian and many international insurers participate in IFBA, using the services to work collaboratively to protect honest customers and by helping law enforcement to identify and take action against those who commit fraud.