The comparison site says it has access to tons of data which can help in the fight against fraud
GoCompare has joined the Insurance Fraud Bureau (IFB) as an official member, the first comparison site in the UK to do so.
The IFB allows comparison websites, such as GoCompare to check suspicious entities against data and quickly receive an indication of whether there are suspicions of fraud.
GoCompare previously took steps to tackle fraud by partnering with Featurespace in December last year, incorporating real time machine-learning to identify anomalies, block new fraud coming in, and recognise genuine customers.
GoCompare says the fraud detection and prevention technologies available “will enable customised, real-time risk management, reducing the strain and costs on insurers’ own fraud teams.”
Enhancing fraud capabilities
Fleur Lewis, head of fraud at GoCompare, said: “The IFB plays an important role in industry leading the collective fight against organised fraud and we’re thrilled to become the first UK comparison website to join the Insurance Fraud Bureau as an official member.
“We have been working alongside the IFB for several years and becoming a member will enhance our current fraud capabilities to protect both our partners and customers alike.
“Being a comparison website, we’re very aware that we act as the guardians of data for many insurers and we have an important role to play in the prevention of front-end fraud.
“We believe it’s our duty to support the industry in any way we can by identifying fraudulent behaviour and having this additional intelligence from the IFB increases our preventive measures at point-of-quote. These capabilities enable insurers to assess the risk in real-time and either decline the business or price accurately to ensure all parties are suitably protected.
“Our ambition is to provide insurers with genuine, quality customers, reducing their operational costs and fraud losses, thereby allowing them to continue to provide our users with excellent cover.”
Nick Benham, head of customer services at the IFB, added: “Price comparison websites are on the front-line of the fight against fraud, with access to a wealth of data and intelligence on suspected fraudulent activity. It is therefore strategically important that the industry forges close links with comparison websites in order to reduce the opportunities for fraudsters and ensure our honest customers are not impacted.
“We are therefore delighted to welcome GoCompare to the IFB’s membership, which will further strengthen the Bureau’s capability to detect and disrupt organised fraud.”
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