15 December 2017
visit www.solutions.lexisnexis.com

UK banks join cross-industry effort to combat ID fraud

26 October 2004  |  5475 views  |  0 London

Across the UK, banks, mobile operators, card issuers and consumer finance firms have joined with US firm ID Analytics to conduct a large-scale study of identity fraud with the aim of building new fraud-busting technology customised for the British market.

ID Analytics will lead and conduct the research in partnership with five of the six largest banks, three of the four largest mobile operators, five of the seven largest credit card issuers and two of the largest online and offline retail consumer finance companies in the UK.

The participants have already begun contributing data to the ID Network, an analytic system designed to identifying patterns, practices and activities indicative of identity fraud.

George Lennox, manager, group credit and risk at HSBC Holdings says: "It was important to us to join with other companies both within and outside of our industry to help give businesses even more tools for combating fraudsters."

The study replicates research conducted in the US in 2003 which contributed to the founding of the ID Network, a real-time national system developed exclusively to manage identity risk. As a result of this collaboration, ID Analytics is now scoring close to 10 million consumer applications a month in the US.

Katy Worobec, head of risk management at the Association for Payment Clearing Services (Apacs), welcomes the initiative: "We look forward to the results of ID Analytics' data study, which we anticipate will provide further insight into the types and dynamics of identity fraud and fraudster methods."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK card fraud soars

UK card fraud soars

07 October 2004  |  6423 views  |  0 comments
Chip and PIN backfires as cards go astray in the post

Chip and PIN backfires as cards go astray in the post

15 September 2004  |  7552 views  |  0 comments
ID theft set to rise as card fraud falls - Datamonitor

ID theft set to rise as card fraud falls - Datamonitor

25 August 2004  |  6048 views  |  0 comments
UK banks pledge £3m to card crime unit

UK banks pledge £3m to card crime unit

12 August 2004  |  5924 views  |  0 comments
UK government launches anti-fraud ID Web site

UK government launches anti-fraud ID Web site

15 July 2004  |  4848 views  |  0 comments
Over a million UK shoppers hit by online fraud

Over a million UK shoppers hit by online fraud

08 July 2004  |  6138 views  |  0 comments
UK card fraud dips but CNP continues to rise

UK card fraud dips but CNP continues to rise

08 March 2004  |  5732 views  |  0 comments
UK financial services plans crackdown on ID fraud

UK financial services plans crackdown on ID fraud

17 June 2003  |  5793 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.atos.netvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10197 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9358 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8948 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7593 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7222 views comments | 15 tweets | 24 linkedin

Featured job

Find your next job