Financial Reporter: Freedom Finance joins fraud prevention service

Freedom Finance has today joined Cifas, the UK fraud prevention service.

By joining Cifas, Freedom Finance is able to link up with over 350 UK organisations to share details of fraudulent applications and prevent further cases in the future for their customers.

Like all Cifas members, if Freedom Finance finds evidence that an application has been made fraudulently using incorrect details, they will now be able to put a warning on the Cifas National Fraud Database. As a result, when a legitimate application is made, organisations will receive a warning prompting them to make further checks before proceeding with the request.

Nicola Georgiou, Managing Director of Freedom Finance, commented:

“We are thrilled to announce that we have joined Cifas. This decision was taken with our customers’ best interests in mind, as we continue to take measures to protect their personal information whilst providing them with the best possible credit solutions.”

Cifas Chief Executive Simon Dukes, added:

“We welcome Freedom Finance to the Cifas member community. Our member organisations share with us around 1,000 confirmed frauds every day to prevent further fraud and protect customers. Once a new fraud is recorded on the Cifas system, it is immediately available on the National Fraud Database for other organisations to search against. This fast, shared approach is designed to stop fraudsters from simply moving on to target the next customer or next bank, as the account is now marked as a fraud risk. This means that members are able to share information and match against cases on our databases in real time – no matter what hour of the day or night.”