In its Economic Crime Plan for 2019-2022, the Government outlined its strategic objective to focus on information sharing between public and private sector organisations.
No individual organisation has all the information, intelligence or data when it comes to combating economic crime. For companies to effectively fight financial crime (in all its guises) it's essential to have access to as broad a dataset as possible. So collating, sharing and analysing information held by separate organisations into a combined database is crucial.
Over £1.69 Billion has been identified by the National Fraud Initiative
The plan clearly recognises the need for public and private sector organisations to increasingly share their intelligence. It also highlights the need to improve cross-sector systems analysis to disrupt organised economic crime – and provide better quality intelligence on emerging threats, trends and current modes of crime.
Synectics Solutions is driving a collaborative approach between the public and private sectors in the UK to help the Government meet this objective.
THE NATIONAL FRAUD INITIATIVE IS A HUGE PUBLIC SECTOR DATA SOLUTION THAT OFFERS OVER 23 DIFFERENT DATA SETS TO MATCH AGAINST
Bringing public and private together with the NFI
The National Fraud Initiative (NFI - operated for 25 years by Synectics on behalf of UK Government) is a public sector data solution that offers over 25 different data sets to match against – and already benefits around 1,200 public sector organisations in the fight against fraud, having identified over £2 billion in fraud, overpayments and error since its inception.
Synectics' private sector clients can, and indeed are, leveraging the NFI’s intelligence – with some achieving uplifts in adverse identification of up to 45% as a result. The richness of data available within the NFI has provided these clients with a wide variety of intelligence, and that variety has helped them to deploy a much more sophisticated or nuanced approach to data matching or predictive analysis.
UP TO 45% UPLIFT IN FRAUD IDENTIFICATION WHEN USING NFI DATA IN SIRA
This in turn has helped to deliver lower false positives, improved referral rates and has enhanced the accuracy and commercial alignment of various decision models.
There are so many exciting opportunities to increase collaboration across both private and public sectors to help drive down risk and financial crime. The question is - how will you seize them?
For more information about the NFI or National SIRA, please speak to your Business Development Manager at Synectics Solutions.
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