TruNarrative at CIFA Annual Conference

Written by Nick White

TruNarrative Highlights from the CIFAS Annual Conference

Earlier this week we attended our very first CIFAS annual conference and for those who didn’t manage to attend, we have pulled out some highlights from what was a great conference. The speakers certainly covered a large range of interesting topics and angles.

One of the main themes that came across in the conference was the continued need for collaboration. Whether this is within an organisation, or collaboration across organisations, sectors and industries. After all, fraud affects all of us. With collaboration, we can help take the fight to the fraudsters.

From all the excellent speakers who presented, I’ve picked out some of my personal highlights below.

Simon Dukes, Chief Executive of CIFAS and Lady Barbara Judge CBE, Chairman of CIFAS provided an overview of the past year and some of CIFAS’s achievements. The main one being the launch of the Joint Fraud Taskforce, which was set up by the Home Secretary in February 2016, and of which CIFAS is a founder member. Its main objectives will be to protect the public and businesses from financial fraud, reduce the effects of fraud on victims and increase prosecution of fraudsters. This is a great example of how we, as an industry can collaborate to reduce fraud.

Brian Dilley Group Director of Fraud and Financial Crime Prevention at Lloyds Banking Group spoke to the conference about how the attack vectors for fraud have evolved as banking has moved from branch, to phone, to digital. Brian was clear in stating that the fraud prevention toolkit needs to be ever evolving and multi-layered -which absolutely fits with TruNarrative’s vision of the future.

Brian also asked the conference delegates how often they changed their online banking password and he was met with a response revealing that 76% of them never changed their password. I found this astonishing for a room made up mostly of fraud professionals.

Sara Thornton CBE QPM, Head of the National Police Chiefs’ Council spoke about how crime and policing has changed, and that in 2017, most crimes usually take place in private places and are cross-border. There is also as much online crime as offline crime reported, with approximately 6 million online cases reported. Of the c.2 million cyber-enabled crimes reported, only 415 investigations were undertaken. Sara recognised that the Police Forces needed to evolve and talked about the Digital Policing Programme that has been launched. This was great to hear and let’s hope it isn’t too late for this type of shift.

Sandra Peaston, Data and Analytics Expert and Assistant Director at CIFAS provided some further commentary around their fraudscape paper on ID fraud. Their analysis showed that in 1 in 5 ID frauds, the victim held one or more directorships. The assumption around directors being targeted was that director details are held on public registers such as Companies House and are easily accessible. It was also more likely that directors would have better credit footprints and as such, would be more likely to be accepted for credit facilities. This is fascinating and the only real solution to protect Directors can be a multi-layered detection method. As this could also expose these same people for money laundering, then I am sure people will debate and suggest that a central register of Directors be available to screen. However, such a blunt approach could very negatively impact customer journey, while still allowing fraudsters through by not considering all digital identity attributes.

We had a fantastic day at our first CIFAS Annual Conference and managed to speak to a lot of you about how TruNarrative is able to help in the fight against fraud – as well as help with CIFAS’s message of better collaboration. We are already looking forward to our next event!

Now I am just rushing off to change my banking account password…