APP Victim Check
Information about APP fraud victims that banks will share with each other and access to protect victims from sending money to criminals. APP Victim Check will enable banks to:
- Identify APP fraud victims in their customer base for transaction monitoring. This strengthens future decision making and treatments on those customers.
- Check in real time at the point a suspicious payment is being made to verify if the customer has previously been a victim of APP fraud.
- Receive a real-time alert with Vision if a customer has been added to the APP Victim Check database. Measures can be put in place to monitor their future payment transfers to protect them from further fraud. Coming soon
App Victim Check is accessible through existing Cifas connectivity in batch, API and soon through Vision alerts
Key benefits of APP Victim Check:
- Stop customers from sending money to fraudsters at the point of occurence.
- Reduce the number of APP fraud reimbursement claims.
- Share victim data with APP Victim Check to prevent them from further APP fraud attempts.
- Reduces sent and received APP fraud, which will reflect in the PSR’s APP Fraud Performance Report.
Beneficiary Checks
If a bank identifies a payment with a fraud risk, they can pause the transaction and make a Beneficiary Check with the receiving bank through the existing Cifas Portal. The receiving bank provides the information they have and the reasons why they have identified a fraud risk. The responding bank has 24 hours to respond, through the same channel, with the information they have on the recipient. The requesting bank can then decide whether to proceed with the transaction or investigate further, for up to a period of seven days to prevent their customer from losing money to fraud and avoid financial loss.
- Beneficiary Checks can be used:
- Before a payment has been initiated;
- After a payment has been initiated; Prevent financial losses to APP fraud;
- After a payment has been received, for example where internal monitoring controls have been triggered by the receiving organisation;
- Supporting the repatriation of funds, where the sending organisation has not submitted a claim, but the receiving organisation has retained the funds due to identifying fraudulent conduct.
Beneficiary Checks will help with detecting related or synonymous crimes that are facilitated by APP fraud, such as money muling and romance fraud.
Key benefits of Beneficiary Checks
- Identify fraudulent payment transfers faster.
- Stop more APP fraud and money mule criminals.
- Prevent financial losses to APP fraud.
- Protect your customers from becoming a victim.
Vision
When information connected or linked to your customers is filed to the NFD, you are instantly alerted so you can take action to mitigate or address the risk and prevent any fraud losses. Your customers could be filed by another member at any time, without Vision alerts you are unaware of the filing and potential risk to your organisation.
Vision will also notify organisations when a customer has been filed as a potential or actual victim of identity theft, allowing them to consider what preventative action can be put in place to support them. Alerts are currently on NFD filings, however we are working to integrate APP Victim Check alerts.
Benefits of Vision
Proactive fraud risk management Receive real-time alerts when new fraud risks are identified in your customer base:
- Reduce financial loss Take immediate action to investigate potential risks;
- Operational Efficiency Reduce the need for manual monitoring with automation from Vision;
- Protect your customers and reputation;
- Identify potential and actual victims of identity theft to offer targeted support;
- Compliance and regulations Align to guideline on fraud prevention and customer protection
Intelligence Service
Actionable intelligence warnings with identifiable personal data.
The NFD helps members save £1.3 billion every year through the sharing of the largest cross sector fraud risk database in the UK. This only represents a small fraction of the UK’s fraud bill, there is a lot more suspicious conduct data and intelligence held by members that, if shared, would lead to greater savings. To bridge this gap, we have developed together with members, a secure hub within the Cifas Portal to deliver accurate, timely and GDPR compliant intelligence warnings across the breadth of fraud and financial crime risk. We will share actionable intelligence, with identifiable personal data that members can use to detect suspicious conduct to prevent fraud and financial crime risk within their own customer book. This new Intelligence Service is governed through a new Intelligence Handbook and contract supplement.
How to Access
Minimal technical integration is needed as the Service will be delivered through the existing Cifas Portal via an updated security certificate with Alerts being delivered through Vision soon. Members will be expected to handle intelligence differently to cases filed to the NFD. The insight gained from intelligence is not intended to act as evidence. It can be used as a signpost to identify suspicious conduct, as well as support and direct investigations that secure the evidence to support the management of fraud and financial crime risk.
Beta members needed
The new Intelligence Service is entering the beta phase, and we are seeking select member organisations to partner with us in its implementation and development. Beta partners will benefit from the opportunity to help shape the product to meet their needs. During an initial period of up to 18 months, Intelligence Service membership cost will be £0 as we assess the value of the intelligence being delivered and decide on an appropriate pricing matrix to fund the service going forwards. If you would like to be a part of this exciting development in economic crime defence or would like more information, please contact us.
Identity Protection App
We are building an app that will push a notification to consumers’ mobile phones asking them if they are the person making a live application for a financial product or service. The user selects ‘yes’ or ‘no’. Stopping a fraudster from obtaining credit in their name. To build the solution, we were awarded government funding through Innovate UK. This was based on the app’s great potential to reduce fraud losses and protect consumers from identity theft.
The app gives users control over the use of their identity and stops identity fraud before the damage is done. It also provides important emotional reassurance that the user is taking practical steps to protect their finances and ultimately their wellbeing.
Getting the App into consumers hands
We are making the app available to consumers through our partner members such as banks, who will offer this to their customers as a perk. We are also integrating with credit reference agencies and several government bodies. Consumers will be able to directly download the app from app stores too and we are working closely with the government, Citizens Advice, Which? and the FCA to raise awareness of the app.
The key benefits
- Potential to reach millions of consumers to stop identity fraud.
- Simple to use. A push notification through a mobile phone to respond to.
- Financial institutions could save huge amounts on financial losses.
- Time saved in rectifying identity fraud cases.
