Norwich Union fined on £3m fraud
The FSA took a very dim view of Norwich Union's lax security.
Confidential customer information regarding the policy was disclosed to the fraudsters in almost all of those 632 cases Financial Services Authority
The regulator has for several years been reminding financial services companies to be vigilant and to have robust security checks in place.
But at Norwich Union the fraudsters gained people's names, addresses and dates of birth from public information, for instance Companies House, used this to impersonate them, and then persuaded call centre staff to divulge further information.
In some cases this led to addresses and bank account details being altered which in turn paved the way for a subsequent request for a life insurance policy to be cashed in.