Synectics Solutions is delighted to be working in partnership with The Vulnerability Registration Service (VRS) to help protect vulnerable consumers in the continued fight against fraud and financial harm.
With the escalation of financial crime and fraud, individuals who are unlucky enough to fall victim to these crimes can be damaged both financially and psychologically.
The impact of becoming a victim can often lead to serious problems even for those people who consider themselves to be financially and mentally resilient.
All organisations have a social, moral and regulatory responsibility to identify vulnerable customers but until now there has been no way to make sure their circumstances are made known to other organisations so they don’t have to go through distressing experiences with every organisation they deal with.
More industry wide collaboration and agreement on various treatment strategies offered to this wide and diverse group of people is key.
These strategies could range from improved fraud and financial crime protection to a much more sophisticated process to ensure that services to assist the vulnerable are more proactively provided based on a person’s profile and particular circumstances.
With this in mind, the VRS has been established to provide a secure platform which can be accessed by all users and enables organisations to identify those registered on the VRS register vulnerable customers at point of application or when deciding on customer engagement strategies so that the appropriate action befitting the customers circumstances can be taken.
Synectics is keen to work closely with the VRS which is gaining momentum and evolving across multi-sectors such as consumer finance, energy, water, mobile phones, insurance services and local authorities.