The aggregator site has partnered with US-based iovation
Aggregator site Gocompare.com has launched an innovative, technology-driven fraud prevention service, made possible by fraud tech provider iovation.
The software, which uses iovation’s risk solution register, can highlight an insurance quote placed through the website as fraudulent by analysing it against current or past behaviour on the device being used.
The software has been trialled through Gocompare.com’s car insurance partners since May and in that time, has directly blocked thousands of fradulant quotes.
Gocompare.com chief executive Jon Morrell said: “Anti-fraud measures at the insurance application stage can be hugely powerful, but many of our insurance partners have historically relied on point-of-sale or even post-sale fraud detection.”
“We have created an anti-fraud system that requires no additional implementation for our insurance partners and also works within the aggregator model where huge volumes of quotes are processed at high speed by numerous different parties.”
This move makes Gocompare.com the first UK aggregator to implement point-of quote fraud prevention software.
iovation’s fraud database already serves around 3,000 fraud managers across a number of sectors, and business development manager for insurance Tristan Prince added: “Because Gocompare.com gets such huge amounts of traffic—generating 40,000 quotes a day on average—and knows so much about its customers, it is ideally placed to work with insurers to identify and prevent fraud.”
“We’re excited to team up with Gocompare.com to take insurers off fraudsters’ shopping lists at point of quote.”