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Co-operative cuts fraud crimes

Published on 7 Aug 2009 under category: legal

Co-operative Financial Services has cut cases of fraud crimes thanks to auto-resolution technology, it has revealed.

The company implemented a system from Adeptra, which it says has resulted in a 70 per cent decline in unrecoverable losses from these kinds of instances.

Not only that, but the firm has also reported a 35 per cent drop in the number of fraud crimes.

The company has put an auto-resolution system in place which contacts customers to verify suspected fraud crimes.

Martin Kent, analysis manager for Co-operative Financial Services, said: "We could see card fraud increasing inline with the industry-wide rise of 14 per cent, and recognised that we needed to become more efficient in dealing with fraud."

He added that the firm realised that a way of doing this was through "an automated solution".

Elsewhere, Inland Revenue has warned that criminal gangs are stealing passwords from taxpayers to apply for tax rebates.