Welcome to BlockFrauds (Fardoe Software Ltd)
Fighting Fraud with Intelligence
Insurance fraud costs a staggering ~$80 billion in the USA alone, passed on as higher premiums, meaning billions of the most vulnerable people worldwide are unable to afford the protections they provide whilst everyone gets a worse customer experience due to the checks. The issue is growing rapidly each year in scale and complexity, and none of us can afford to let this continue. By introducing more efficient and effective detection systems, BlockFrauds is reducing premiums and improving end-customer value, service, and experience.
Our Innovative Technology
At BlockFrauds, we use a wide range of cutting-edge technologies including AI and our proprietary algorithms to help insurers detect fraud. We help them integrate their data and tools to stand the best chance of spotting fraud. Then we address unmet needs to enhance these chances, with initial solutions addressing advanced speech and image analytics. And then we use blockchain to help them collaborate in the fight against fraud and keep pace with fraudster technologies, so they have nowhere to turn and all insurers are strong and united in defence. This helps embed fraud detection into all processes, whether automated or more personal, so the knowledge will stand the test of time today.
How We Got Here
Roanna and Soadad shared a vision for helping insurers to streamline their workflows and create personalised value through intelligent data management, with all the benefits that could bring, and knew their complementary business skills could make this a reality. The focus on detecting fraud was helped by R3's timely Corda Insurtech Challenge 2020: Fraud Detection, sponsored by B3i - a key Europe-focused insurance industry blockchain consortium - who were looking for "a solution that can enable the insurance industry to privately and securely exchange data on fraudulent activity and work together to reduce it."
How We Do It
Seamless. Compliant. Secure.
We help insurers create a low-friction ecosystem of their chosen data and tools, so they can most efficiently and effectively spot any issues within them. Then we address two initial unmet needs: Digital Speech DNA helps flag any suspicious signs in speech or links to known fraudsters, whilst Digital Image DNA helps flag misuse of images within claims. This gives an initial Claim Credibility Score and Claimant Reputational Score for claims handlers to prioritise their reviews. Then the anonymised intelligence it shared seamlessly and compliantly on a private, permissioned blockchain so insurers can best spot multiple claims or new attempts by known fraudsters, without breaching regulatory or compliance obligations or needing them to reveal sensitive competitive details. In this way it acts akin to a fraud bureau, with an immutable record of intelligence against which new claim details can be checked. An added benefit is the central federated learning having access to this wider intelligence pool so it can learn faster and better, and help keep pace with fraudster evolution. The insurer gets an updated and more informed set of scores, and all of the trusted network participants get updated AI to give ever-better initial flags to those claims handlers on the front line of the fight
We will continue to innovate and revolutionize the world of insurance fraud detection.
In the Press