Vernon Building Society has deployed National SIRA, a fraud prevention and detection solution from Synectics Solutions, which is used by some of the world’s biggest financial services brands.
Founded in 1924, the Vernon is an independent, mutual building society which provides mortgages, savings and investment products. The building society is a trusted source of reliable financial advice within the local community of Stockport and the surrounding area.
Having access to National SIRA will allow the Vernon to make better informed decisions on potential fraudsters through batch data matching systems. These insights will speed up applications for customers whilst providing more robust protection for the Vernon. The solution will help the Vernon spend the time offering the great personal service to its customers that it is famed for throughout Cheshire.
Victoria Thackstone, Chief Risk Officer at the Vernon said: “We were impressed by Synectics’ credentials with other mutual societies. This innovation will mean we can make decisions much more quickly and ultimately, protect our members.”
Murray Raw, Head of Business Development at Synectics Solutions, added: “We’re delighted to welcome the Vernon to National SIRA. The building society will undoubtedly benefit from our database’s ability to detect and prevent fraud, while ensuring genuine people have access to the right products for them. National SIRA has helped to save its contributors over £5.9 billion in identified fraud and error over the last five years alone.”