A change in agency reporting practices and another agency starting to report matches to CIFAS when they previously could not, has lead to a dramatic increase in reported matches. Under the old reporting techniques the percentage increase would be about 29%. Members share information about identified frauds in the fight to prevent further fraud.
CIFAS is the UK’s Fraud Prevention Service with over 200 member organisations spread across banking, factoring, asset finance, insurance, investment management, share dealing, telecommunications, retail credit, mail order and credit cards.
Members have reported an increase in prevented fraud losses due to CIFAS of over 30% on the same period last year.
