Critical Fraud Intelligence
Minimising the risk of fraud
By definition, fraud is the “wrongful or criminal deception intended to result in financial or personal gain”. Unfortunately fraud is still prevalent in our society and whilst various loopholes and weak processes continue to exist in various businesses, fraud will remain a concern as unscrupulous people attempt to take advantage. A challenging economic climate also plays a big part in the drivers behind fraudulent behaviour and the National Fraud Authority recently estimated the cost of fraud in the UK as being over £73billion, more than double the estimate of the previous year.
Businesses have recognised the pressures they face and have started to tighten processes to become more aware of how they can mitigate their risk of fraud, especially by utilising third party sources of information.
Day-to-day protection for your business
Credit Assist ‘Critical Intelligence’ service alerts its members on businesses that are thought to be suspicious or potentially fraudulent. Our specialist ‘Critical Intelligence’ team investigate concerns highlighted on businesses by either customers or through other sources.
Alerts on these businesses form part of the fraud alert service this helps customers to minimise their risk of fraud. Last year the service helped customers to save over £3m in new credit applications!
All alerts generated are added to our Fraud database and are also passed on to various law enforcement agencies, thus ensuring that the public interest is protected.
How do Credit Assist identify suspicious businesses?
Businesses can be brought to our attention for a number of reasons, for example the result of suspect financial information, an unlikely trading location or an adverse customer experience. Thanks to Credit Assist's ability to trace corporate linkages, all associated organisations are then identified which helps us to see the wider effort behind a business fraud. Armed with this information, we take action to prevent further credit from being granted.
How do I find out more?
If you would like more information on how Credit Assist can help you to fight fraud or believe your organisation may have been affected, please email our helpdesk or call us on 01604 217333.