iovation's Service and Peer Community Leads to Conviction of Organized Ghost Brokers
It's been a few months since we sent in our nomination for the Post Insurance Awards. Today we were delighted to find out that we were shortlisted for the category of "Combatting Fraud - Technology Initiative of the Year." Our submission was based on a case study about a conviction of organized ghost brokers committing insurance fraud.
The story goes like this:
Fraudsters used careful organization and processes to hide from conventional detection and investigation techniques, stretching the insurer's anti-fraud resources.
iovation's sophisticated device intelligence proved instrumental in the arrest and prosecution of a five-member ghost broking ring. Three pled guilty and a fourth was sentenced for four counts of fraud.
You can read the entire case study on the iovation website.
iovation has a long history in helping insurance companies and insurance brokers combat online fraud. Just last year we spoke with Telegraph Studio to talk about how we fight insurance fraud with device reputation. Tristan Prince of iovation shared how the insurance industry is plagued by a variety of fraud schemes which are facilitated at different points in the customer lifecycle. Whether it is at point of quote, a claim registration, a login to an online policy management account or other interactions, without device forming part of a layered risk check, fraud may not be detected using traditional prevention tools. By understanding who you are dealing with – and what device you are doing “business” with – will help you make better-informed decisions.
We're excited to see that many of our UK insurance customers were shortlisted for other award categories. Good luck to everyone who made the list!
Winners will be announced at the awards ceremony on 5 October at the Brewery in London where we're sure to host a table with our friends from The AA. Here's a cast of characters you're likely to see there. Will you be there? If so, please stop by our table to say hello!