I need to minimise the risk of fraud
By definition Fraud is the “wrongful or criminal deception intended to result in financial or personal gain”. Unfortunately it does not look like fraud is disappearing any time soon. While various loopholes and weak processes continue to exist in various businesses, fraud will remain a concern as there will always be a fraudster waiting to take advantage. A challenging economic climate will also play a big part in this. In fact the National Fraud Authority recently estimated the cost of fraud in the UK as over £73billion more than double the estimate the previous year.
Businesses have however started to tighten their process and are becoming more aware of how they can mitigate their risk of fraud especially by utilising third party sources of information.
Day-to-day protection for your business
D&B’s Critical Intelligence service alerts its members on businesses that are thought to be suspicious or potentially fraudulent. D&B’s Critical Intelligence team are a team of specialists who investigate concerns highlighted on businesses by either members of the service or through other sources.
Alerts on these businesses form part of the fraud alert service the team operate. These alerts in turn then help customers to minimise their risk of fraud. Last year the service helped its members save over £3m in new credit applications!
All alerts generated are added to D&B’s very own Fraud database and are also passed on to various law enforcement agencies, thus ensuring that the public interest is protected.
How do D&B identify suspicious businesses?
Businesses can be brought to our attention for a number of reasons, for example the result of suspect financial information, an unlikely trading location or an adverse customer experience. Thanks to D&B's ability to trace corporate linkages, all associated organisations are then identified which helps us to see the wider effort behind a business fraud. Armed with this information, we take action to prevent further credit from being granted.
How do I find out more?
If you would like more information on how D&B can help you to fight fraud or believe your organisation may have been affected, please email or call us on 01628 492500.