Friday 25th May 2007
Insurance fraud may be limited by the use of a new pre-paid Visa card, according to Alliance & Leicester.
The firm is offering the Visa card as a means of delivering payments to customers without needing to wait for cheques to clear.
Among the benefits listed by the financial services provider are the potential cost savings and fraud reduction offered by the product.
Stewart Fraser, director of pre-paid cards at Alliance & Leicester, states: "There are distinct advantages in terms of cost savings and control throughout the claims process."
He adds that the cards aim for "the complete removal of cash and cheques" as well as being "well-received by customers".
The cards may be used in traditional chip and pin devices and may be time-limited or funds-limited, the company advises.
Credit expert Experian recently found that while 91 per cent of people think insurance fraud is a serious offence, 86 per cent would not report someone they knew had made a fraudulent claim.
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