SOURCE: iovation

iovation

iovation

August 25, 2015 03:00 ET

Gocompare.com Teams With iovation to Offer Device-Based Fraud Protection for Its Car Insurance Partners

Becomes First UK Insurance Aggregator to Implement Fraud Prevention at Point-of-Quote; Service Has Already Stopped Thousands of Fraudulent Quotes

PORTLAND, OR and NEWPORT, UNITED KINGDOM--(Marketwired - Aug 25, 2015) - Insurance aggregator Gocompare.com has rolled out a point-of-quote fraud detection and prevention service that utilises iovation technology. The Gocompare.com service identifies fraud by combining iovation's risk solution -- which determines whether an insurance quote request appears to be fraudulent based on the current and past behaviour of a device like a smartphone, tablet or laptop -- with Gocompare.com's vast customer and quote database. The capability that Gocompare.com has introduced through its partnership with iovation has been described by insurers as "the Holy Grail of insurance fraud prevention."

The Gocompare.com-iovation service has been selectively available to Gocompare.com car insurance partners since May. During that short time, over six million quotes have been filtered with the iovation-powered solution, and Gocompare.com has directly blocked thousands of fraudulent quotes.

"Anti-fraud measures at the insurance application stage can be hugely powerful, but many of our insurance partners have historically relied on point-of-sale or even post-sale fraud detection," said Jon Morrell, chief executive officer at Gocompare.com. "We have created an anti-fraud system that requires no additional implementation for our insurance partners and also works within the aggregator model where huge volumes of quotes are processed at high speed by numerous different parties. By leveraging iovation's intelligence about the behaviour of more than 2.5 billion devices and 25 million client-reported fraud and abuse reports, Gocompare.com is now the first UK aggregator to implement a solution that can detect and prevent known fraud at the point-of-quote."

Intelligence that iovation provides includes monitoring whether a device has been used to conduct a fraudulent transaction in the past, is using an Internet Service Provider with a high percentage of fraudulent transactions originating from it or has requested an abnormally high number of quotes in a short time period. The company also offers intelligence about other risk indicators.

"Because Gocompare.com gets such huge amounts of traffic -- generating 40,000 quotes a day on average -- and knows so much about its customers, it is ideally placed to work with insurers to identify and prevent fraud," said Tristan Prince, business development manager for insurance at iovation. "We're excited to team up with Gocompare.com to take insurers off fraudsters' shopping lists at point of quote. The solution we have built with Gocompare.com gives insurers the chance to benefit from iovation device technology in a number of ways. For those insurers that want greater protection or granularity we can offer enhanced levels of service that allow them to benefit from evidence placement, additional risk checks, velocity rules and wider consortium evidence."

Notes to editors:
About Gocompare.com

Gocompare.com is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs. Gocompare.com does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. Gocompare.com makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site. Gocompare.com does not sell its customers' personal data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. Gocompare.com has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

Gocompare.com Ltd became a member of the esure group of companies on 31 March 2015. esure launched as a brand in 2001 and added Sheilas' Wheels in 2005. It is one of the UK's largest personal lines general insurance businesses. Gocompare.com is based in Newport, South Wales.

Gocompare.com is the only comparison website to be invited to join the British Insurance Brokers' Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).

About iovation

iovation protects online businesses and their end users against fraud and abuse, and identifies trustworthy customers through a combination of advanced device identification, shared device reputation, device-based authentication and real-time risk evaluation. More than 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation's database of more than 2.5 billion Internet devices and the relationships between them to determine the level of risk associated with online transactions. The company's device reputation database is the world's largest, used to protect 12 million transactions and stop an average of 250,000 fraudulent activities every day. The world's foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation's Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit iovation.com.

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