Insurance Fraud Bureau to launch fraud detection system in the UK
The Insurance Fraud Bureau (IFB), a sub-company of the Motor Insurers’ Bureau (MIB), has partnered with Shift Technology to build a new fraud detection system on behalf of the UK insurance sector. The new platform will be delivered in early 2022 with the capability to alert fraud investigators to suspicious activity in real-time.
Currently, one insurance scam takes place each minute in the UK, devastating countless victims and costing the economy over £3 billion a year.
“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.” – Ben Fletcher, Director of the IFB.
“We will work side-by-side with the IFB and its members over the coming months to build a fraud detection solution which not only uncovers cross-industry fraud today but continues to evolve to the ever-changing fraud landscape in years to come. That’s the beauty of AI – we have a living, breathing machine which thinks and adapts to the changing world around it.” – Jeremy Jawish, CEO of Shift Technology.