Glossary Of Debt Management & Financial Terms
CIFAS - The UK`s Fraud Prevention Service
CIFAS is a system for preventing fraud. It allows member organisations to exchange details of applications for products or services - which are believed to be fraudulent because the information provided by the applicant fails verification checks. Members can also exchange information about accounts which are suspected of being run fraudulently or insurance claims which are suspected to have been made fraudulently. This exchange of information is referred to in a notification clause on application forms and agreements. CIFAS does not provide a credit reference database. CIFAS only provides a fraud prevention service.
The UK's Fraud Prevention Service, they have roughly 270 members in the financial industries whom share information about know fraud's to prevent them from occurring in the future.
