Well known comparison site Go Compare has joined Cifas, the not-for-profit organisation that helps combat online payment and card fraud. Cifas has the UK’s largest cross-sector fraud sharing database, acting as a source of information intelligence for the insurance industry. This allows comparison websites, like GoCompare, to check suspicious activity against data at point of quote and quickly receive an indication of whether there are suspicions of fraud.
This membership builds on GoCompare’s existing efforts to tackle fraud, having joined as members of the Insurance Fraud Bureau (IFB) in May and partnering with Featurespace in December 2018, to incorporate real-time machine-learning to spot anomalies, block new fraud, and recognise genuine customers.
For insurers partnering with GoCompare, the fraud detection and prevention technologies available will enable customised, real-time risk management, reducing the strain and costs on insurers’ own fraud teams.
Fleur Lewis, head of fraud at GoCompare, said: “We’re thrilled to become the first UK comparison website and 500th member to join Cifas. As members, having access to the cross-sector fraud sharing database will build on our current fraud capabilities and protect both our partners and customers alike.
“Being a comparison website, we have an important role to play in the prevention of fraud for the industry and we believe it’s our duty to support in any way we can by identifying fraudulent behaviour.
“Our ambition is to provide insurers with genuine, quality customers, reducing their operational costs and fraud losses, and the Cifas membership will strengthen our ability to do so.”
Mike Haley, Chief Executive Officer of Cifas, said: ‘New and innovative sectors will always be a target for fraudsters, and by becoming the first comparison site to join Cifas, GoCompare is a trailblazer in the fight against fraud within their industry.
‘We are delighted to welcome GoCompare as our 500th member, and their membership means they are now part of a unique community of organisations committed to disrupting and deterring the fraudulent activity that costs the UK economy billions of pounds every year.’