Compass Business Finance has joined Cifas, a UK fraud prevention service, to help negate the growing and increasingly sophisticated threat of fraud and financial crime, the business finance company said in a press release.
Cifas manage the largest existing database of fraud risk in the country – the National Fraud Database (NFD), to help protect both individuals and organisations. Compass will be providing data to Cifas for the NFD, as well as utilising the database to run checks on individuals seeking funding.
Since 1988, Cifas has helped its members and customers protect themselves from billions of pounds worth of fraud losses.
Mark Nelson, director of Compass Business Finance said, “Fraud is becoming increasingly prevalent, and we believe, as does Cifas, that effective communication and collaboration is the way to push back against the perpetrators of this type of crime.”
“Our customers will be checked against the NFD, however, this is an entirely internal process and will not impact the ease or speed of delivery that we are known for providing. Having open and honest relationships with our customers is vital to us, and we’re confident that joining Cifas will help give further protection to everyone.”