Fraud and cyber-crime are now the most commonly-experienced offences in the United Kingdom.
The ability to act anonymously online, abuse Internet purchasing loopholes, and easily check out using illicitly gained personal information means it is no surprise how common fraud has become.
With more than two million reported cases per year it impacts almost every online retailer, obstructs business growth and profitability and puts extra demands on an organisation’s resources as they attempt to tackle it.
How we can help
We created Claims Detect Online, a data sharing platform which improves the distribution of intelligence to businesses and helps them effectively tackle the threat of fraud.
We believe with the right level of collaboration and intelligence sharing, businesses can work together to improve how they reduce the growing impact of fraud and cyber-crime.
By gathering and sharing accurate data, retailers can see whether their responses are sufficient and gain insight into how they might adjust their loss prevention strategy.
The collaborative nature of the platform helps us build a clearer and broader picture.
How it works
Claims Detect Online uses pattern-matching software that sequences and analyses data and delivers real time alerts to users.
Businesses anonymously upload relevant data and receive insights about persistent online offenders. They can then benchmark their approach to tackling fraud based on information shared by similar member organisations.
We add further intelligence from our existing data library, which can further highlight persistent offenders and contribute to police investigations.
We co-ordinate action between the police and affected businesses by bringing all the relevant data together into one place.
The result is a more robust prevention strategy, using clearly identified current trends and hotspots.
Proof of concept
Claims Detect Online was built using tested and proven methods, following a development phase which delivered fantastic results.
The ‘proof of concept’ saw six large online retailers share business data over a three-month duration.
The results were outstanding. By cross-matching approximately 75,000 lines of data, more than three million pounds of potentially fraudulent claims were uncovered.
We are now inviting business owners to join our campaign and help us tackle business crime together.
Is your current method of responding to the threat of fraud sufficient?
If not, or you’d like to discuss it further, our qualified fraud consultancy personnel can help you refine your approach.
We will help you:
- understand the type of fraud you will encounter
- build an in-depth picture of the effectiveness of your current setup
- see where you are preventing sales through false positives and incorrect rules
- learn by using your false negatives in allowing transactions that should have been prevented
Join the NBCS
For more information, email us.
Working in partnership with the Cyber Resilience Centre.