CIFAS Members Set To Save Over 2.5 Million Pounds Sterling Per Year in Administration Costs for Frau

Tuesday 13 January 2004 09:42 CET | News

Members of CIFAS, the UKs Fraud Prevention Service, are set to save a total of 2.5 million pounds per year through lower administration costs as a result of LogicaCMGs successful implementation of a Fraud Investigation Database (FIND). The streamlining of business processes will also enable CIFAS members to exceed current savings of 428 million pounds per year made through fraud detection. CIFAS identified the need to improve its previous processes to help address the relentless increase in fraud. FIND allows CIFAS members in banking, credit cards, asset finance, retails credit, mail order, insurance, investment management, telecommunications, factoring, share dealing and energy supply to further protect themselves against fraud by sharing data. Streamlining the business process within the CIFAS membership will allow them to lower the bar and investigate potential frauds which might have been ignored. Some 240 members of CIFAS can securely access information on a range of fraud offences in real-time, replacing the previous system that required telephone calls and paperwork in order to cross reference records held within separate institutions. FIND has been designed and built to use the state-of-the-art Microsoft .NET environment, positioning the system ideally for future enhancements and allowing CIFAS to evolve as the nature of fraud changes. Following the successful development of FIND, LogicaCMG is providing hosting, a help desk and support services for the next five years.

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Categories: Payments & Commerce | Payments General
Countries: World
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