Undetected fraud, committed through existing customer accounts, is a real threat to you and your customers. Fraud checks are only as effective as the information available at the time. Fraudulent activity may be missed during the acquisition process, making it increasingly important to regularly check your current customers because their situations could have changed.
The last few years has seen a lot of change in millions of peoples lives, their personal circumstances have changed and as a result there has been an increase in fraudulent activity. Do you know your customers? Do you know their current personal circumstances?
Check your current open accounts today by requesting our free fraud assessment report**. The fraud assessment report will help you understand if there is potentially fraudulent activity in your customer base, giving you the insight to make informed decisions.Request your free fraud assessment report
misuse of facility cases
facility takeover cases
cases of fraudulent conduct
cases of identity fraud
Source: Cifas Fraudscape 2021 report
The Covid-19 pandemic has changed the financial profile of many consumers, in ways we never could have imagined just two years ago. The knock-on effect of furlough, redundancy and pay cuts might mean that your customers are now committing fraud just to get by.
Systems and processes to identify potentially fraudulent activities need to keep up. We take a look at why monitoring open accounts is more important now than ever, and how businesses can adopt a continuous monitoring process.Read blog
Data from the National Fraud Database during the first nine months of 2021 reveal an 18% increase in cases of fraudulent conduct by first-parties, compared to the same period in 2020. The most common forms of this were the misuse of bank accounts, with almost 56,000 cases, or more than 7 in 10 instances of first-party fraudulent conduct.
Cifas – 15/12/2021