Why you should share data through the National Fraud Database
Fraud is far from a victimless crime. Organisations and their customers all suffer through financial loss, reputational damage, effect upon morale,higher prices and taxes. Fraudsters also attack every sector: if one organisation appears to be weak in its anti fraud efforts then fraudsters will target it, irrespective of sector.
To fight back effectively, all sectors must stand together.
Nearly 300 organisations from the public and private sectors share fraud information through CIFAS in order to prevent further fraud. They include those from banking, the public sector, grant giving, credit card, asset finance, retail credit, mail order and online retail, , savings, telecommunications, factoring, and share dealing.
The CIFAS National Fraud Database allows organisations to share data on confirmed cases of fraud, particularly application, identity and first party frauds, committed both by individuals and by companies. Moreover, the National Fraud Database is online and in real-time, available 24 hours a day, 7 days a week. Full information is available to organisations for a detailed fraud investigation either before or after they provide a service. By carrying out checks before the service is provided or before the claim is paid, fraud can be prevented.
Since its inception, participating organisations have prevented fraud losses worth billions of pounds by sharing fraud data.
CIFAS is a no-risk option. The databases are hosted by CGI IT UK Ltd at a secure facility and CIFAS is a Specified Anti-Fraud Organisation under the Serious Crime Act 2007 which provides a specific legal gateway for public/ private sector data sharing.
With over 200,000 frauds being added to the database each year, CIFAS is a deterrent. It is not easy to defraud participating organisations and fraudsters know this.
The system is proven. It is preventing and helping to detect fraud today and can do the same for your organisation.