London, January 2012 - In 2010, the cost of corporate fraud hit £1.4 billion* with claims that 50% of it was committed by senior managers. Whilst numbers haven’t been released yet for 2011, leading business information expert, Equifax, believes the cost of corporate fraud is only likely to increase as a result of the economic downturn. It is, therefore, urging businesses to be more stringent about the checks they make on existing and new customers.
“With sales harder to come by, some businesses may take risks that they previously wouldn’t have considered”, explains Mark Nuttall, Director, Equifax Commercial & SME. “They may also not be fully aware of the changing fortunes of existing customers. We are very concerned that some organisations could be putting themselves at risk, simply because they are making assumptions about new customers or not closely monitoring the behaviour of existing customers. We have therefore created a number of new services to give businesses the ability to do all the right checks on new and existing customers quickly, easily and cost-effectively.”
The Equifax Commercial Gold package incorporates a series of checks to give companies a complete fraud prevention and risk detection solution, providing online access to company information blended with directors’ and shareholders’ personal data and, thereby allowing businesses to confidently assess the risk of transacting with other organisations. Alerts are also provided to critical experiences with trading partners in real-time through access to the Equifax Credit Communities database which is a closed user group sharing data on customers’ payment performance.
By using Equifax Commercial Gold, businesses can uncover a number of factors that could signal that an organisation presents a risk including:
“The key with all the tools in the Equifax Commercial Gold package is to give credit professionals a greater insight into the potential risk of a new or existing business partner”, continued Mark Nuttall.
“If a track record of CCJs or bankruptcy orders is identified against an organisation’s Directors, that should ring alarm bells. But it’s not just a case of looking on the surface. Our Linked Addresses tool means we can highlight detrimental data on Directors at previous or alternate addresses. Our Search History facility also means an organisation can check which industries have been searching a business and the frequency of searches and this could provide further warning signals about the potential customer’s credibility.”
Equifax Commercial Gold, gives users access to unique data that alerts them to businesses, their owners and directors reported as high risk and potential to defraud which, at a time when increased fraudulent activity has been reported, offers vital protection from fraud and bad debt.
“Equifax’s high quality, unique data and analysis uncovers fraudulent activity and hidden data, exposing the real risk to businesses and providing them with the best level of protection available on the market”, concluded Mark Nuttall. “The cost and impact of fraud and bad debt makes Equifax’s Gold commercial package a tool many businesses can’t afford to do without.”
For further press information, please contact: Jenny Thorneywork, Clare Watson or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: email@example.com
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates in four continents and 15 countries, is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.
© Equifax, Inc., All rights reserved