Fighting financial crime
Keeping Vitality members safe
Financial crime can have a devastating impact on its victims as well as an economic impact on society. As a responsible business, Vitality recognises the important role we play in deterring criminals from using the financial system for illegal activities and so we take a zero-tolerance approach.
Vitality has a clear and effective Financial Crime Risk Management framework that implements policies, systems, and controls to prevent, detect, investigate, and report financial crime and has no appetite for failing to meet our legislative and regulatory responsibilities with respect to managing financial crime risk.
Our group-wide financial crime framework includes a Group Financial Crime Policy, which sets out requirements related to:
- Values and culture
- Training and awareness
- Systems and controls
- Management oversight and reporting
- Assurance monitoring
- Record-keeping
The Policy is reviewed and approved annually by our Policy Sub Committee (on behalf of our Executive Committee) to ensure that it remains effective, and that all legal and regulatory obligations are being met.
The financial crime framework forms part of our risk management approach and is subject to regular assurance monitoring and reporting to committees and boards.
What is financial crime?
Financial crime covers a wide range of criminal offences including fraud, money laundering, bribery and corruption, terrorist financing and tax evasion.
Financial gain is the primary motivation for these crimes.
How does financial crime impact you?
Everyone is a potential victim, financial crime awareness is key to your protection.
Financial crime is not victimless and can have an impact on people in multiple ways; not only financially through the increase in plan premiums, but also emotionally - for example in instances where identity fraud is committed, it can particularly affect the confidence of vulnerable customers in their ability to manage their financial affairs.
Types of fraud to look out for
Vitality are acutely aware that our business and our members are all potential victims. Below are some examples of the types of fraud that individuals could fall victim to:
- Identity theft – always keep your personal details safe
- Ghost brokers - we sell some of our insurance plans through brokers and intermediaries but we only deal with FCA authorised firms. Unfortunately, fraudsters sometimes target the places where you look for a quote online. When searching for an insurance deal, be aware that if it seems too good to be true then it probably is
- Mass marketing fraud scam email – emails luring individuals to claim fake prizes or large sums of money, very often targeting the elderly and vulnerable
- Internet scams – scammers may attempt to install programs on your computer which steal, wipe or lock your data
How can I protect myself?
Keep it secret
Consider your personal details to be as valuable as cash – in the hands of a criminal there is no difference.
Protect your information
Don’t give any personal information (name, address, phone numbers etc.) to people or organisations before first verifying their credentials.
Safeguard your plan details
Always protect your Vitality membership number and plan number. Do not share your login details.
Watch out for 'cold-calls'
Some fraudsters will "cold-call" armed with minimal information hoping to elicit a whole lot more. So, if you receive a suspicious phone call hang up immediately.
How is Vitality protecting you?
Vitality believes our customers are honest, and the contract between us is based on mutual trust. Unfortunately, just like you, as a business we have to remain vigilant protecting the claims spend, commission spend and third party transactions from dishonest individuals/entities.
- Vitality has Fraud Teams who are actively detecting and preventing fraud
- They work closely with other insurers and share information as detailed in our Privacy Notice
- Vitality will seek to recover any loses as a result of any dishonest or fraudulent actions
- If any claim is in any respect dishonest or fraudulent or if any dishonest or fraudulent means or devices are used by a customer, any member of their household or anyone acting on the customer’s behalf to obtain benefit under their plan (including any cashback, discounts or rewards), then all benefits under the customer’s plan may be lost and they may have to return to Vitality any payments already made as a result of any dishonest or fraudulent actions
- Vitality will also seek to recover any commission paid to a firm for a plan which is in any way deemed to be fraudulent
- Vitality carries out supplier due diligence and ensure a robust contract is in place prior to transacting with any third party.
Top 8 websites to visit for advice on scams
There's more than one way to protect yourself against financial crime
Take Five - To Stop Fraud
A national campaign providing clear and unbiased advice to help people protect against fraud
Metropolitan Police
Find out about the most common scams in 'The little book of big scams'
Get Safe Online
Protect yourself, your computers, mobile devices, and your business
The Insurance Fraud Enforcement Department (IFED)
Get in touch with the City of London Police to report a financial crime
Get in touch
If you're a Vitality member and concerned that you may be a victim of fraud, get in touch:
VitalityHealth
0330 678 3326
Call centre opening hours: Monday to Thursday 9am-8pm, Friday 9am-6pm, Saturday 10am-2pm
Closed: Sunday and bank holidays.
VitalityLife
0330 678 3328
Call centre opening hours: Monday to Thursday 9am-8pm, Friday 9am-6pm, Saturday 10am-2pmClosed: Sunday and bank holidays.