Fraud can have a detrimental effect on any business. But with this type of financial crime still so rife, it’s critical your anti-fraud checks are up to the challenge of managing the risk of money laundering and other financial crime.
Our FraudScore technology aims to give you greater peace of mind. With the functionality to indicate possible mule money-laundering activity patterns, you can rely on FraudScore to keep your organisation safe from fraud.
Over £1.2 billion was stolen through fraud in 2022—equivalent to over £2,300 every minute
How our FraudScore check works
Our FraudScore check can be deployed as part of a standard AML check, or as a standalone check, depending on your business needs.
Our FraudScore check utilises UK-wide credit application data, electoral register and adverse credit data (CCJs and bankruptcies) with only soft file footprints, to generate a score ranging between 1-1000, indicating how risky a partnership with a potential client may be. This score is analysed against broad outcome data from over 120,000 other applicants.
The benefits of our FraudScore check
There are plenty of benefits to integrating our FraudScore check, including:
- Simple and flexible ordering from within the standard Veriphy AML check, or as a standalone check
- Identifies 2 in 3 of the riskiest 1%, and over 50% of the riskiest 7%
- Powered by extensive and reliable Experian data to highlight potential risk via machine learning
- Being time-efficient and cutting client onboarding time
- Cost-effective as you’ll only pay for your usage, rather than work on a contract basis
Maintain compliance with seamless API integration
Our FraudScore check ensures you can align your customer due diligence processes with internal risk assessments and helps to streamline your client onboarding.
We can seamlessly integrate our FraudScore check with your existing systems, to keep all your compliance processes in one place.
