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 over 2 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.
Protecting UK businesses from fraud with PRAESIDIO
The NBCS believes that, 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.
As a result, we created PRAESIDIO, a data sharing and solution built with the aim to improve the distribution of intelligence to businesses and help them effectively tackle the threat of fraud.
Through PRAESIDIO (the Latin word for ‘protection’) we believe that by gathering and sharing accurate data, retailers will be able to see whether their responses are sufficient and gain insight into how they might adjust their loss prevention strategy.
Alongside this, the collaborative nature of PRAESIDIO will help the NBCS build up a clearer and broader picture.
How it works
PRAESIDIO uses specially configured pattern-matching software that sequences and analyses gathered data and delivers real time alerts to users.
Businesses are able to upload relevant data anonymously. After doing so they will receive insights concerning persistent online offenders. This enables member businesses to benchmark their approach to tackling fraud based on the information shared by similar member organisations.
On top of this, NBCS adds further intelligence to this from our existing library of collaborated activity data. This helps us to build resilience against persistent offenders and to add valuable contributions to any active police investigations.
Investigating online fraud is not seen as a priority for local police services, and where possible the response is uneven.
The NBCS has the capability to co-ordinate between the police and businesses by drawing all the relevant data into one repository for a successful outcome.
The result is a more robust prevention strategy, using clearly identified current trends and hotspots that will help reduce losses from online fraud.
Resilience through collaboration
PRAESIDIO has been built upon tested and proven methods, following a development phase that saw fantastic results.
The ‘proof of concept’ stems from an initial testing period that saw six large online retailers collaborate on the sharing of business data over a three-month duration.
The results were outstanding; by cross-matching approximately 75,000 lines of data, over 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.
Recognise the signs of suspicious activity – when in doubt, check it out
Is your current method of responding to the threat of fraud sufficient?
Do you have a defined strategy to:
F – Focus
R – Review
A – Analyse
U – Understand
D – Deter
If not, or you’d like to discuss it further, our qualified fraud consultancy personnel can help you refine your approach.
With years of experience underpinning their work, they are able to help you:
- Understand the type of fraud you will encounter
- Assist you in building an in-depth picture of the effectiveness of your current setup
- Show you 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
If you want to get in touch with our team to discuss joining PRAESIDIO or to discuss your loss prevention strategy, call us on 0800 080 6016 or email firstname.lastname@example.org