It means Confused.com will be the first price comparison site to provide UK insurers with real time alerts to identify high-risk and fraudulent quotations from suspicious devices.
The agreement will work to prevent customers’ details from being unknowingly manipulated by sophisticated fraudsters, reduce the cost of fraud and its impact on insurance premiums, and protect those people looking to take out policies from falling victim to cybercrime.
Confused.com is using our 41st Parameter capability, with its integrated device intelligence, to provide a real-time assessment of quotes posing a fraud risk. The 41st Parameter FraudNet solution has already proved highly successful in preventing online fraud for many of the world’s largest companies, while providing a seamless online experience for valid customers.
From April 2015, it will be in place to help insurers identify potentially suspicious devices that pose a threat of generating fraudulent quotations.
Aggregators such as Confused.com face a number of different threats, and ghost-brokers, who are fraudsters posing as legitimate middlemen who can cut insurance costs, in particular take advantage of online platforms to find cheap premiums.
We are delighted to join forces with Confused.com to help tackle the serious and growing problem of online insurance fraud. FraudNet has proved to be a highly effective means of identifying and preventing fraud, using device intelligence as part of the fraud risk assessment of online and mobile transactions. Our work with Confused.com is evidence of our continuing commitment to protect innocent people from being the victims of increasingly sophisticated fraudsters and to reduce the cost of fraud with its impact on insurance premiums.