Cifas is a not-for-profit organisation and has the UK’s largest cross-sector fraud sharing database, acting as a source of information intelligence for the insurance industry, helping the fight against fraud. 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.’
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Cifas exists to prevent fraud and financial crime. We are an independent, not-for-profit membership organisation that protects businesses and individuals through effective and secure data and intelligence sharing between the private, public and third sectors. In 2018, Cifas member organisations prevented over £1.3 billion of fraud losses.
Cifas data is included in the Office of National Statistics England and Wales Crime Statistics of police recorded crime and works alongside law enforcement agencies in tackling fraud. Cifas also offers Protective Registration for individuals whose identities are at risk of being used fraudulently, for instance after a burglary. We also run a scheme called Protecting the Vulnerable, offered free of charge to local authorities to protect those under the care of Court Deputies who are unable to access financial products and whose identities may be at risk.
About GoCompare Group plc
GoCompare.com Group plc operates GoCompare, a leading UK financial services, utilities and home services comparison website; MyVoucherCodes, which is a digital media and affiliate marketing specialist that connects consumers with money-saving offers from the world's leading brands; Energylinx, an established energy switching and comparison service with more energy supplier relationships than any other UK comparison provider; and weflip, an innovative switching service that uses technology to automatically flip people onto cheap energy tariffs, forever.
GoCompare attracts approximately five million visits every month and is designed to help people save time and money.
When GoCompare launched in 2006 it disrupted the insurance market as the first comparison website to display policy details rather than just listing prices. GoCompare’s goal was then, and still is now, to help people make better-informed buying decisions that save them time and money.
MyVoucherCodes.co.uk is one of the UK’s biggest discount voucher websites. It launched in November 2006 and provides sales, discount, and voucher code information to millions of consumers across the UK every month.
Each week, MyVoucherCodes send a variety of emails with the best selection of deals, vouchers and offers across fashion, restaurants, electronics, travel, beauty and more to its eight million email subscribers.
Energylinx is a domestic and business energy comparison and switching service that, through its market-leading supplier relationships, helps its customer find, compare and switch to the best value energy tariffs.
Based in Alloa, Scotland, Energylinx is also a trusted provider of white-labelled energy comparison services to over 200 partners, including some of the UK’s best-known consumer organisations, including Which?.
weflip is a completely free to use automatic switching service. After customers sign up, weflip simply switches them onto better energy tariffs automatically, doing all the hard work on their behalf, so they never have to worry about overspending on energy ever again.
GoCompare.com Group plc uses data gathered from more than 20 million customers over the last 11 years to underpin its drive to continually improve its proposition and leverage its strong position.