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 | | The Fraud Prevention Network
In a move aimed at stemming the massive rise in fraud attacks against companies in the IT sector, the PCA (Professional Computing Association) is launching the Fraud Prevention Network (FPN) in partnership with P&A Receivables Services plc (P&A).
The Fraud Prevention Network will provide ICT resellers, distributors and vendors with a swift, efficient and effective way of protecting their businesses from the growing number of fraudulent practices, such as CNP and VAT carousels, that are increasingly being used to target hi-tech companies.
The PCA, which represents over 550 of the leading ICT industry companies in the UK, has teamed up with P&A to provide a simple and affordable service that its members and companies right across the industry can use to protect their business against underhand practices.
The Fraud Prevention Network has been launched with the aim of assisting members, initially via risk assessment and a highly focussed forum, in the prevention and/or reduction of loss caused by criminal or fraudulent activity. It is emerging at time when losses through fraud are now greater than losses through bad debt. Losses to business through fraud have grown massively to £942million per annum. Card fraud, identity fraud and false cheques have spiralled dramatically, up from £37m in 2004 to £360 million in 2005 – but over half of all fraud (£468m) was by management or company employees. The bulk of fraud is perpetrated by individuals at management level. (Source KPMG Fraud Barometer 2005)
Currently, £1.4 million is being lost to credit card fraudsters every day, with an incident taking place every 8 seconds. Although Chip and Pin may help tackle a lot of credit card fraud issues, Card Not Present (CNP) fraud, which was worth £150million last year is set to see a massive growth. (Source APACS). Because of the high value, small size and highly negotiable nature of goods in the ICT sector, it is a prime target for fraudsters.
FPN is cross-industry, sharing best practice with other businesses as well as benefiting from advice from experts in the field of fraud prevention and investigation. The FPN will introduce new and unique methods of fighting crime and will address the needs of fraud prevention personnel across the sectors. Members receive an assessment of the effectiveness of their current fraud prevention processes, which includes a written report with detailed recommendations, together with assessment of current in-house anti-fraud awareness and skill levels. Among other member benefits are workshops and seminars, a help desk and support line, and access to a web-based resource detailing the latest fraud prevention information, and a bulletin board for intra-member communications. FPN Members gain access to many other services including preparation of case files (essential if the local law enforcement agencies are to act) together with direct liaison with those agencies.
The activities of the FPN will centre round regular forums, which will include presentations, workshops and discussions, as well as benchmarking projects. Membership of the Fraud Prevention Network is a flat fee of £500, but with a 20% reduction for Members of the PC Association.
The Fraud Prevention Network is run by the P&A Group, experts in receivables management and fraud prevention. The development of the Fraud Prevention Network supported jointly by P&A and the PCA is a demonstration of their mutual commitment to preventing crime. The FPN is a group run by the members for the members. The success is dependent on the participation and openness of the attendees. |
| | Laurie Beagle FICM
Divisional Director
Tel: +44 (0)771 2486798
Email: fpn@pandaforums.com for a membership pack
P&A Background:
P&A is one of the UK & Europe’s most progressive credit management and debt collection service providers, with over 1000 client businesses. P&A’s broad range of offerings covers the receivables spectrum providing tailored solutions for; commercial debt recovery across the UK, Europe, the Middle East and Africa (EMEA); receivables outsourcing; recruitment; receivables consulting and a highly respected training programme.
Clients range from small regional businesses to global corporations, and vary across a multitude of industry sectors. |
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HMCA