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Mango enhances intelligence capabilities
FOR MEMBERS OF THE FRAUD PREVENTION COMMUNITY
By using data science technology and intelligence tools from Mango Solutions , UK-based not-for-profit fraud prevention membership organisation Cifas has been able to discover hidden patterns that are almost impossible for human beings to detect . In keeping up with evolution in fraud prevention , Cifas can minimise risk for members and individuals .
IFAS IS A not-for-profit fraud
C prevention membership organisation . Based in the UK , it manages the largest database of instances of fraudulent conduct in the country . Members are organisations from all sectors , securely sharing their data to reduce instances of fraud and financial crime . Since 1988 , Cifas has helped its members and customers to protect themselves from over £ 14bn worth of fraud losses .
The challenge
Cases of fraud and financial crime have reached epidemic proportions . According to research and advisory group UK Finance , the sector prevented £ 1.6bn of unauthorised fraud losses in 2020 , the equivalent of £ 6.73 in every £ 10 attempted .
Cifas helps individuals , public sector and private sector organisations by collaborating to create a non-competitive fraud prevention environment . Cifas members reduce their fraud risk by checking details of applicants and customers against known fraudulent conduct . Cifas Intelligence Analysts also search for patterns in the data to alert members to emerging trends and changing behaviour .
To accelerate that capability , Cifas needed a way for members to be able to focus on the most meaningful matches and weed out false positives : that is , those matches that don ’ t result in uncovering fraudulent conduct . Cifas also wanted to uncover those emerging patterns more efficiently and effectively in order to help members reduce the harm caused by earlier fraud .
“ We were providing a very relevant and useful service , but we wanted to go further to unlock the power of the data and speed up members ’ ability to identify threats and risk factors ,” said Sandra Peaston , Director of Research and Development at Cifas .
“ Through improving our data quality and adding more intelligence tools , we were aiming to eliminate more ‘ casual ’ fraudulent conduct and be able to address more organised , more sophisticated fraud groups which are a significant threat to members and individuals .”
Vendor selection
To offer members and individuals the best protection against fraud , it was necessary for Cifas to select a vendor which was wellrespected for its data science tools and deep expertise in this sector . The deployment was required to deepen Cifas ’ intelligence capabilities as well as further broaden its understanding of crime networks involved in fraud .
Sandra Peaston , Director of Research and Development at Cifas
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WE WANTED TO GO FURTHER TO UNLOCK THE POWER OF THE DATA AND SPEED UP MEMBERS ’ ABILITY TO IDENTIFY THREATS AND RISK FACTORS .
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