News release: 24 June 2008
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Experian achieves CIFAS 'superior' rating for the fifth year in a row
Nottingham, UK, 24 June 2008 - Experian, the global information services company, announced today that it has become the first Credit Reference Agency (CRA) to be awarded five consecutive superior Annual Review ratings from CIFAS, The UK's Fraud Prevention Service. To achieve CIFAS's superior rating, Experian has yet again demonstrated the highest possible standards in fraud prevention techniques.
In addition to achieving its fifth superior rating in a row, Experian has also retained its unrivalled position as the only CRA with accredited member status. The global information services company is one of only 20 accredited CIFAS members from a 270-strong membership base spanning the banking, insurance, retail and credit card sectors.
To retain its accredited status, Experian's fraud team demonstrated best practice in all areas, with all its procedures being thoroughly examined by independent consultants employed by CIFAS.
CIFAS members share information about identified frauds in the fight to prevent further frauds from occurring. In the last financial year, Experian reported 423 cases to CIFAS where its systems had identified fraudulent applications for credit reports - helping to protect CIFAS members and their customers from the increasing risks and costs posed by identity fraud.
"As these two major industry milestones illustrate, Experian remains vigilant in helping to combat identity fraud. These achievements also underline our commitment to raising data quality standards as well as our investment in pioneering new techniques to accurately detect and report fraudulent activities," said Helen Lord, Fraud and Regulatory Compliance Director at Experian. "As we continually evolve our innovative anti-fraud capabilities, data sharing remains a core tool in the fight against fraud and our collaboration with bodies like CIFAS will directly benefit businesses and consumers alike."