Graydon, Cifas & TruNarrative launch solution for SMEs to tackle commercial fraud

Graydon, Europe’s leading provider of business data and insight, has announced the launch of Graydon Business Risk, a new risk management solution developed in partnership with TruNarrative, the financial crime RegTech experts and Cifas, the UK’s leading fraud prevention service.

Joint research undertaken by the partners in late 2019 showed organisations of all shapes and sizes face a growing threat from corporate fraud and financial crime. Further research published by Graydon and Cifas in August showed that this trend has continued, with 2020 producing a record year so far. Fraudulent companies, directors and invoices can often fall through cracks in processes and/or go undetected due to human error. An underlying cause was identified as; inadequate or disparate verification and checking resources & technology.

“When we developed the concept of Business Risk I was determined to work with partners who provided the latest technology and valuable data and insights. In TruNarrative and Cifas, we have achieved both objectives and I’m delighted that Graydon have been able to develop a unique solution to help our customers identify and prevent corporate fraud, mitigate credit risk and ensure compliance with increasing regulation. I know that organisations of all sizes across multiple sectors will benefit from the efficiencies that this solution will deliver.” Simon Blackwell, Managing Director, Graydon UK

The Graydon-led collaboration will deliver Business Risk; a cloud-based commercial risk, fraud prevention, KYC and KYB and PePs and sanctions monitoring solution.

Business Risk will enable organisations to implement efficient and compliant processes into their overall client onboarding and 3rd-party risk management strategies, delivering investigators trusted business information from Graydon and Fraud data from Cifas, intuitive case management and a single customer view.

Graydon’s Fraud Intelligence Unit was recently named as winner in the Outstanding Consultants category at the 2019 Tackling Economic Crime Awards.

Business Risk, built on TruNarrative’s leading AI driven Risk & Financial Crime platform delivers multiple 3rd party data providers and orchestrates decisioning for eKYC, eKYB, IDV, AML and device intelligence via single API and SaaS interface. Their technology is used across Europe and the USA by lenders, banks, eCommerce and online gambling businesses.

Organisations of all sizes across sectors such as accounting and finance, aerospace, automotive, construction, IT, legal, logistics, manufacturing, property and utilities will be able to deliver a frictionless customer experience via an intuitive interface, whilst simultaneously ensuring regulatory compliance, and the best security against corporate fraud.

Business Risk customers will also be able to run checks against the CIFAS national fraud database and the CIFAS corporate fraud database through a special non-enterprise membership, exclusive to Business Risk customers. The Cifas feedback model requires members to submit cases of suspected fraud, receiving around 800 new fraud reports every hour. Cifas members include; tier one banks, mid-tier lenders, insurance companies, public sector organisations, local authorities and major telecoms providers.

Graydon Business Risk will enable firms will be able to swiftly identify; compliance, credit and fraud risk via the single SaaS portal, with comprehensive audit trail & MI capabilities and a unique ‘Financial Crime Risk Score’ derived from multiple proven data sources.

“We are very happy that Graydon will utilise our AI driven platform to deliver Business Risk. Achieving visibility of the threats posed by both existing and potential customers and third parties such as suppliers, is at the core of why the partnership between Graydon, TruNarrative and Cifas exists. Business Risk will prove invaluable to organisations to assess the Tru-risk of their counterparties.” John Lord, CEO, TruNarrative.

“Our partnership with Graydon and TruNarrative for Business Risk means tackling fraud head on and extending the network into the corporate fraud arena. We are pleased to extend our membership and to continue to set the standard for sharing data and preventing fraud.” Lee D’Arcy, Commercial Director, Cifas.