Supporting the insurance industry
One of our overarching aims is to help our customers realise fraud savings by providing them with the intelligence they need to repudiate claims and cancel policies. We support the insurance industry by giving our members:
Access to consolidated insurance industry data
- This allows IFB customers to check suspect entities against our data and quickly receive an indication of whether there are suspicions of fraud.
Reactive reports and information
- Where an IFB customer suspects individual cases of fraud they can request support from the IFB. We will then undertake a detailed review and help the customer establish if that single entity is part of a wider, organised scam.
- Where IFB customers are concerned that multiple claims or policies are part of a wider, organised scam they can ask us to investigate further. We will review the information against our own data and intelligence and provide more detailed information about the nature of the scam and wider industry exposure. We will then coordinate any further action on behalf of the industry - including potential enforcement action.
Proactive reports and information
- Using our advanced analytical software, we proactively identify cross-industry patterns and alert the industry to fraudulent networks, including specific details of the network and each customer's exposure.
- We have intelligence sharing agreements in place with law enforcement agencies and regulators, and our Cheatline is a source of important information, provided by the public. By quickly reviewing and circulating valuable information, the IFB helps its customers identify potential issues that require further investigation.
Application Fraud products
- We have developed bespoke cross-industry datasets, which we issue to customers each month, that highlight policies showing signs of suspected application fraud.
- We have also established an intelligence sharing model to help customers manage the increasing threat of ghost broking. Each week we share entities linked to suspected ghost broking scams so that our customers can take the appropriate actions to manage the potential risks.
Contact us to find out more about how we can help your business, and how you can become a member.