Cifas, the UK fraud prevention trade association, has entered into a partnership with Mango Solutions, a data science consultancy. Mango uses analytics to deliver value from data by enabling informed decision making. Mango will help Cifas build its intelligence capabilities, against crime networks involved in fraud.
Cifas seeks to identify fraud, organised crime networks and emerging fraud types, and its findings are shared with members and law enforcement agencies. By using Mango’s data science, Cifas will be able to use this intelligence more effectively and efficiently to identify emerging threats, Cifas says. This data will be used to inform members and the wider fraud prevention community.
Nick Downing, Chief Intelligence Officer for Cifas said: ‘Fraud continues to evolve and criminals are collaborating and moving at an alarming pace, and so it is crucial that we continue to innovate and remain in a strong position to tackle the ever-changing nature of fraud. Mango Solutions is at the cutting edge of data science and data engineering, and working together will not only help us to enhance our existing intelligence, but help us to really understand what the art of the possible could look like.’
And Rich Pugh, co-founder and Chief Data Scientist at Mango Solutions, said: ‘Thanks to the remarkable impact of data sharing and analysis, fraud loss prevention by Cifas members now exceeds £14 billion. To maintain this trajectory, we are thrilled to be working in partnership with Cifas to introduce data science initiatives that will add value for its members through reducing and ultimately preventing fraud.
‘Initial key focus areas will include reducing the number of false positives to improve matching when searching the National Fraud database, improving Cifas members understanding of the data, and providing further intelligence based on data – such as emerging crime patterns.’
