UK-based comparison and switching website GoCompare has announced a new partnership with Featurespace, a provider of adaptive behavioural analytics for fraud detection and risk management. Featurespace will help GoCompare to strengthen its front-end fraud prevention and detection capabilities.
GoCompare will become the first comparison website in the UK to utilise Featurespace’s ARIC Fraud Hub. The hub uses real-time machine learning, developed by technicians at Cambridge University, to identify anomalies and block fraud attempts, differentiating bad actors from genuine consumers. The partnership is an element of GoCompare’s ongoing efforts to battle quote manipulation, ghost broking, fraudulent applications and other underhand activity. Insurers will benefit from the suite of fraud prevention and detection tools contained within the Fraud Hub, as it will relieve the burden on their own fraud teams.
“We recognise that comparison websites act as the gatekeepers of data for many insurers and that we have an important role to play in the prevention of front-end fraud,” said Fleur Lewis, GoCompare’s Head of Fraud. “Any online platform is a potentially inviting place to attempt fraud, and we believe we can support the industry in identifying this sort of behaviour by introducing detection and prevention 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 only quality, genuine customers, thereby reducing their operational/legal costs and losses, so that they can continue to provide our users with excellent cover that represents value for money.”