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Paris121 bis, rue de la Pompe, 75116 Paris, France

Luxembourg30, rue Marie-Adélaïde, L-2128 Luxembourg

Combating financial fraud and insurance fraud

Fake investments, misuse of an institution’s name, false statements, fictitious claims: we act for insurers, banks and intermediaries, from prevention through to litigation.

FranceLuxembourg

A financial fraud hits the institution whose name is misused twice: it must answer the people deceived and contain the scheme while the investigation progresses.

Insurance fraud, at underwriting or at the claims stage, raises other questions: proving the false statement, acting against its author, protecting the portfolio. We handle both, with the authorities and the investigation services, in France and, with Luxembourg lawyers, in Luxembourg.

What we do

01 Design

Preventing fraud

  • Analysis of the fraud schemes observed and of the weak points of an underwriting or administration process.
  • Procedures and contractual clauses: checks at underwriting, declarations, time limits, consequences of a false statement.
  • Informing distribution networks and the public.
  • Training the teams that receive complaints and claims notifications.
02 Steer

Conducting the case with the authorities

  • Informing the authorities: the (the French financial markets authority) and the (the French prudential supervision and resolution authority) in France, the and the (the Luxembourg financial sector supervisory authority) in Luxembourg, FINMA (the Swiss financial market supervisory authority) in Switzerland.
    ACPRAutorité de contrôle prudentiel et de résolution: the French authority, attached to the Banque de France, that authorises and supervises banks and insurers and oversees the protection of their customers.
    AMFAutorité des marchés financiers: the French regulator of financial markets and financial products, whose remit covers in particular the instruments offered as unit-linked funds.
    CAACommissariat aux assurances: the supervisory authority for the insurance sector in Luxembourg.
    CSSFCommission de surveillance du secteur financier: the Luxembourg authority that supervises banks, markets and investment funds.
  • Criminal complaints in France and, with Luxembourg lawyers, in Luxembourg; follow-up with investigators and public prosecutors.
  • Steps, in France and abroad, to have fraudulent websites suspended.
  • Analysis of the documents and of the fraud scheme, with accounting and financial professionals where necessary.
03 Defend

Financial fraud: impersonation and fake investments

  • Fake investments (savings accounts, crypto-assets, precious metals, term deposits, fake life or property and casualty insurance contracts) and impersonation of financial institutions.
  • Handling requests from people who were deceived, on behalf of the institution whose name was misused.
  • Fake notary fraud: analysis of the scheme, preventive measures, complaint and follow-up of the judicial investigation.
  • Payment card and payment instrument fraud, for the institution whose customers are targeted.
04 Defend

Insurance fraud

  • Borrower or fraud (false medical or financial statements, multiple policies covering the same risk): criminal complaints and civil actions.
    Key person insuranceInsurance taken out by a company to protect itself against the loss of a person who is essential to its business.
  • Fictitious or inflated claims, in property and casualty or liability insurance: investigation, contesting cover, recourse against the perpetrators.
  • Fraud by intermediaries in the distribution chain: misappropriation, forgery, swindles.
  • Fraud policies taken out by companies: reading the cover when a claim arises (see Corporate risks and disputes).

Examples of matters

  1. 01

    Financial fraud cases involving distribution networks: audit, advice, crisis management, settlements, litigation.

Frequently asked questions

Fraudsters are using our institution’s name: what should we do?

Document the scheme (websites, documents, accounts used), inform the competent authorities, such as the AMF and the ACPR in France or the CAA and the CSSF in Luxembourg, and file a criminal complaint. Informing the networks and the public, and taking steps to have the websites suspended, limits the number of victims. Replies to the people deceived must be prepared carefully, because they commit the institution.

Does a false statement at underwriting allow the contract to be annulled?

Under French law, an intentional false statement renders the insurance contract void where it changes the subject matter of the risk or lowers the insurer’s assessment of it; a non-intentional false statement leads to a proportional reduction of the indemnity or to termination. It still has to be proved: the investigation and the evidence decide the case.