NU Life fined £1.26m for lax attitude to fraud

Failures in Norwich Union’s systems resulted in several actual and attempted frauds against its customers. An FSA investigation found the firm has failed to assess the risk of financial crime and therefore its customers were more likely to fall victim to crimes such as identity theft. Poor controls and systems at Norwich Union Life meant it was easy for fraudsters to use information such as name and date of birth to impersonate a customer and obtain sensitive information. In some cases, criminals were able to ask for customer records, such as addresses and bank account details, to be alt...