GoCompare Tackles insurance identity fraud with Cifas Membership
26 November 2019
- GoCompare becomes the first comparison provider member of Cifas
- The comparison website is the 500th organisation to join Cifas
GoCompare has become the first financial services comparison website to become a member of Cifas, the UK’s leading fraud prevention service. With over five million visitors to its website every month, GoCompare provides comparison details for financial products including car insurance, home and pet insurance and breakdown cover.
Through its Cifas membership, GoCompare will be able to reduce identity fraud by quickly identifying falsified personal information entered by quote seekers enabling it to rapidly block new identity fraud and recognise genuine customers. According to Cifas research, identity fraud increased by 36 percent this year, from 84,463 cases reported in 2018 compared to 114,483 cases in 2019.
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.’
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.’
Notes to editors:
The latest Cifas figures for identity fraud are available in Fraudscape 2019 here.
For more information, please contact:
Head of Communications
T: +44 (0)203 004 3654
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.
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