IFB launches new industry-scale fraud prevention platform

The Insurance Fraud Bureau (IFB) has partnered with data analytics provider, SAS to launch a new fraud prevention platform.

The new platform will give insurers and authorities the ability to share information safely, which will help clamp down on fraudulent activity.

Insurers have expressed concern over sharing fraud information due to the competitive nature of the industry, and have said they are worried other insurers will use that information against them.

However, the IFB has said that the platform will serve as a broker between organisations, ensuring they can view each other’s fraud intelligence without knowing the source.

It will track everything from small-scale, opportunistic fraud to organised cash-for-crash operations.

Not a victimless crime

Ben Fletcher, director at the IFB said: “Many people believe that fraud is a relatively small and victimless crime. However, the truth is far more serious.

“Insurance fraud ensnares thousands every year, ruining lives and plunging many desperate people into criminality. It is vital that the industry pulls together to challenge this common enemy. It’s in everyone’s interest that fraud is effectively tackled and reduced in scale.”

“We decided to work with SAS as it had a proven track record of helping organisations tackle fraud, with many of the functionalities that the IFB needed off-the-shelf. However, SAS also helped create bespoke features including two-factor authentication, visualised results and search functionalities specially for the IFB platform.”

Charles Senabulya, vice president and country manager at SAS UK & Ireland, said: “Fraud is constantly evolving. Being agile and able to evolve quickly is a major advantage that fraudsters have held over the insurance industry for years.”

“However, the IFB’s new platform enables insurers to share information on fraudulent activity much more quickly, helping them pool resources and collaborate with authorities for a rapid, decisive response. The fight against sophisticated fraudsters will continue, and use of best-in-class technology is key to winning the battle.”