With insurance services becoming faster and increasingly digitised, so too are the tactics of fraudsters.
To ensure the IFB remains cutting-edge in the fight against organised insurance fraud, it has partnered with Shift Technology to build a solution using AI. The new platform, which will be delivered in early 2022, will see the AI 'learn and grow' as it adapts to the evolving threat of organised insurance fraud networks, with the capability to alert fraud investigators to suspicious activity in real-time.
Ben Fletcher, director of the IFB, said:
"Our world is becoming increasingly automated, and criminals are quickly adapting the way they carry out insurance scams. In the fast-changing world of fraud, we must do more to protect businesses and the public from its devastating impact. Our partnership with Shift Technology will support these ambitions by enabling our counter-fraud services to evolve and become even more intuitive and efficient".
Each year, IFB takes on over 100 new investigations into complex fraud networks to bring criminals to justice and circulates thousands of intelligence alerts to the insurance industry.
As fraudsters move away from traditional insurance scams to more complex schemes linked to cyber-crime and identity theft, technological innovations have never been more vital. Sadly, the economic impact of Covid-19 could also inspire new waves and variants of fraudulent activity.