TechnologyAccounting SoftwareFraud database to save businesses £300m

Fraud database to save businesses £300m

A new online fraud avoidance system which stores information about software, believed to be fraudulent, hopes to save UK businesses £300 million in its first year alone.

Link: Lack of resources hinders UK fraud battle

The new Fraud Investigation Database – FIND – will allow members of fraud prevention service CIFAS to exchange real-time details of applications for products or services which they believe to be fraudulent because the information provided by the applicant fails verification checks.

The service will allow members to identify past and present trends, as all of the information will be stored centrally for the first time.

Participating members of CIFAS include major banks, credit card companies, asset finance organisations, retail store cards, mobile phone companies and many insurers. Members can also exchange information about accounts, which they suspect are being misused or suspected fraudulent insurance claims.

The new system is being developed and hosted by IT services provider CMG and is due to go live in mid-2003.

The total value of fraud cases in the UK has surged this year, already exceeding the £224m total in 2001, according to the latest report from KPMG Forensics. Major fraud cases being heard in the UK increased from 19 in the second half of 2001 to 35 in the first six months of this year.

Fraud is estimated to cost the UK economy between £13bn and £16bn annually.

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