By Ashley Young
GoCompare, one of the UK’s most established and popular comparison and switching websites, has partnered with Featurespace to combat fraud.
The world’s leading provider of adaptive behavioural analytics for fraud detection and risk management plans to strengthen its front-end fraud prevention and detection abilities.
GoCompare is the only UK-based comparison website to use Featurespace’s ARIC Fraud Hub, which uses real-time machine learning developed out of Cambridge University to spot anomalies, block new fraud, and recognise genuine customers.
GoCompare’s currently combats quote manipulation, ghost broking, application fraud, and more. The leading global website known for its conquest of of fraud detection and prevention tools is expected to greatly be of assistance to company fraud teams.
GoCompare attracts approximately five million visits every month and is designed to help people save time and money. The specialised site was launched in 2006, disrupting the insurance market in becoming 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.
Fleur Lewis, head of fraud at GoCompare, said: “We’re excited to be the only UK comparison website to be partnering with Featurespace. Following an extensive evaluation of providers, they proved to be the only ones capable of enhancing our existing fraud prevention capabilities. 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.
“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.”
Martina King, CEO, Featurespace, added: “The intense deliberation in seeking a fraud and risk technology provider reflects GoCompare’s commitment to safeguarding their customers and their business. We are honoured to have been selected.”
GoCompare’s anti-fraud project will evolve over the coming 12 months, with the introduction of third-party data enrichment feeds and new business intelligence partnerships.