A new online fraud avoidance system hopes to save UK businesses £300m in its first year alone.
The new Fraud Investigation Database (Find) will allow members of the UK's Credit Industry Fraud Avoidance Scheme (Cifas) to exchange real-time details of suspect applications for products or services when the information provided by the applicant fails verification checks.
All of the information will be stored centrally for the first time, so members of the service will be able to identify past and present trends.
Participating members of Cifas include major banks, credit card companies, asset finance organisations, retail store cards, mobile phone companies and many insurers.
Cifas members will also be able to exchange information about accounts they suspect are being misused, or about suspected fraudulent insurance claims.
The new Find system is being developed and hosted by IT services provider CMG and is due to go live in mid 2003.
The total value of fraud cases in the UK has surged this year, already exceeding the £224m total of 2001, according to the latest report from KPMG Forensics.
Major fraud cases being heard in the UK increased from 19 in the second half of 2001 to 35 in the first six months of this year.
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