BusinessCrime

IFB launches new anti-fraud platform

The move will enable the bureau to enhance the efficiency of its fraud investigation and prevention services provided to the UK insurance industry

The Insurance Fraud Bureau (IFB) has revealed that it has launched a new joint platform with SAS technology which combines its Insurance Fraud Register (IFR) and Insurance Fraud Intelligence (IFi) Hub under one roof.

The move will enable the bureau to enhance the efficiency of its fraud investigation and prevention services provided to the UK insurance industry.

The new platform, powered by SAS technology, allows IFR members and provides members of both IFR and IFiHub with a single solution to support their fraud investigation processes.

According to the latest figures released by the Association of British Insurers (ABI) there are 107,000 reported instances of fraud each year worth £1.2bn.

The launch of the new platform is also a “significant development” in the quest to continually evolve and enhance services in order to keep pace with fraudsters and find ways to improve quality and timeliness of data.

Ben Fletcher, director at the IFB, said: “It’s in everyone’s interest that fraud is effectively tackled and reduced in scale, so less money is lost to the economy and insurance premiums can be lowered for all.

“We’re really pleased to be launching the new platform as it’s a crucial step in evolving how we share intelligence with the industry allowing customers to keep pace with the fraudster but also deal with genuine cases more quickly.”

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