It isn’t just shoplifting or machete attacks, the UK is also seeing a huge rise in fraud attempts since Covid, partly fuelled by the mandatory switch to online services, rather than in-person transactions. Both public and private sector have embraced automated bill payments, virtual meetings, document signing and customer dashboard controlled portals. It’s all good, unless fraudsters work out how to impersonate others, or rogue staff decide to set up fake companies to settle invoices/transfer funds in their favour.
Here’s the word from the IFB on a valuable tool for insurance brands in the fight against fraud;
There has been a six-fold increase in searches (over 3,500 a month) conducted by UK insurers to detect fraud and uncover fraud networks, thanks to IFB Exploration – the new AI-driven counter-fraud solution launched by the Insurance Fraud Bureau (IFB) one year ago. Utilised exclusively by IFB members, IFB Exploration was created in partnership with Shift Technology to give the industry an agile, shared solution that can harness artificial intelligence to learn and adapt to evolving threats.
IFB Exploration has proven to be an essential asset for insurers, with an average of around 40 fraud network alerts now being detected weekly, resulting in new lines of intelligence and ultimately evidence being referred to the police for investigation.
Ursula Jallow, Director at IFB, said:
“IFB Exploration is elevating the insurance industry’s fight against fraud. We’ve seen a big rise in the collaboration and dissemination of vital insights across the counter-fraud community thanks to our new solution, and this is bringing tangible results for insurers.
“As the nature of fraud rapidly evolves it’s vital that we utilise the best technologies available to keep pace with new threats, and IFB Exploration which is delivered in partnership with Shift Technology, is undoubtedly giving our members the upper hand.”
Jeremy Jawish, CEO and Co-Founder at Shift Technology, said:
“Insurance associations like IFB are critical to the success of their industry’s counter-fraud efforts. Shift is proud to partner with the world’s leading Associations – including Singapore’s GIA & ALFA in France – to deliver best in class AI-powered solutions. By forging close partnerships with associations, we ensure these industries stay one step ahead of fraudsters, thereby protecting honest policyholders.”
IFB Exploration provides advanced network detection capabilities across motor, property and liability lines of business. It allows IFB members to remotely access the industry’s transactional data set, focusing on at-risk entities and networks that potentially link to organised fraud and gain contextual insights as they emerge.
The AI solution also reduces time spent manually looking for patterns of fraudulent activity, enabling counter-fraud teams to have a greater focus on executing operational responses.
IFB is a not-for-profit organisation that works with insurers and the police to investigate organised insurance fraud. Over 500 investigators from across 95% of the General Insurance Market are IFB members and have access to IFB Exploration.
Enquire about the benefits of partnering with IFB and gaining access to IFB Exploration: https://insurancefraudbureau.org/contact-us/becoming-a-member-of-ifb