Freedom Finance, one of the UK’s leading consumer credit loan brokers, has today joined Cifas, the UK’s leading fraud prevention service. Cifas is a not-for-profit organisation that works to protect businesses, charities, public bodies and individuals from financial crime.
By joining Cifas, Freedom Finance is able to link up with over 350 UK organisations ranging from financial services and retail businesses to telecommunications firms. This will enable Freedom Finance to share details of fraudulent applications and prevent further cases in the future for their customers. Established in 2007, Freedom Finance provides instant, accurate loan quotations by matching personal information and credit data with lenders’ criteria and scorecards. The Cifas membership will allow Freedom Finance to provide its clients with enhanced customer service by ensuring any suspicion of fraud is detected and dealt with swiftly.
Like all Cifas members, If Freedom Finance finds evidence that an application has been made fraudulently using incorrect details, they will now be able to put a warning on the Cifas National Fraud Database. As a result, when a legitimate application is made, organisations will receive a warning prompting them to make further checks before proceeding with the request.
Nicola Georgiou, Managing Director of Freedom Finance, comments:
“We are thrilled to announce that we have joined Cifas. This decision was taken with our customers’ best interests in mind, as we continue to take measures to protect their personal information whilst providing them with the best possible credit solutions.”
Cifas Chief Executive Simon Dukes said:
“We welcome Freedom Finance to the Cifas member community. Our member organisations share with us around 1,000 confirmed frauds every day to prevent further fraud and protect customers. Once a new fraud is recorded on the Cifas system, it is immediately available on the National Fraud Database for other organisations to search against. This fast, shared approach is designed to stop fraudsters from simply moving on to target the next customer or next bank, as the account is now marked as a fraud risk. This means that members are able to share information and match against cases on our databases in real time – no matter what hour of the day or night.”
Notes for editors:
For more information, to arrange an interview or photograph, contact:
Gabriella Bryson, Rostrum
T: +44 (0)203 727 3757
Freedom Finance is a trading style of Freedom Finance Ltd which was established in 2007 to research and develop a loan application platform coupled with a multi-lender decision engine. We have partnered with some of the most recognised and established lenders in the UK, in order to build a representative whole of market panel and develop a unique platform that provides instant, accurate loan quotations by matching personal information and credit bureau data with lender's criteria and scorecards. We provide this solution under the Freedom Finance and The Lending Wizard brands.
Freedom Finance and The Lending Wizard are trading styles of Freedom Finance Ltd. Registered in England. Registered Number: 06297533. Registered address: Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR.
Cifas aims to make the UK a safer place to do business, by enabling organisations in every sector to prevent fraud and protect the public through the sharing of confirmed fraud data.
Cifas is a not-for-profit organisation and has over 350 members spanning the public and private sectors. In 2014 alone, Cifas members prevented over £1 billion of avoidable fraud losses by using Cifas databases. Cifas also offers Protective Registration for individuals whose identities are at risk of being used fraudulently, for instance after a burglary.
In 2014, Cifas launched a new scheme called Protecting the Vulnerable. This service is offered free of charge to local authorities to protect those under the care of Court Deputies who are unable to access financial products and whose identities may be at risk.
Cifas has asked the Government to tackle the serious and growing issue of fraud and its effect on UK plc in this year's budget.CONTINUE READING
Cifas is a core member of the Home Office’s new Joint Fraud Taskforce, joining representatives from government, law enforcement and the banking sector.CONTINUE READING