In 2004 the Credit Industry Fraud Advisory Service (CIFAS). reported that:
"It used to be unusual to make a connection between employee fraud and organised crime, but increasingly the links are becoming evident. Some of the money from employee fraud, particularly from the deliberate infiltration of dishonest staff into major financial organisations, is believed to be finding its way to fund terrorism, drugs, vice and other organised crime. In the first half of 2005 alone, CIFAS reported over 27,000 identified ID impersonations, up 7% on 2004. Of these, approximately 30% of cases involved the use of identities belonging to deceased people. These deceased fraud cases alone are estimated to cost the British Economy £300 million a year and to deprive the Treasury of £100 million of taxation income, equivalent to the salaries of 2,600 police officers."
URU, has already been acknowledged as the market's leading solution for verifying checking new customers to eradicate ID fraud in sectors such as financial services, telecommunications and remote gambling.In 2005 it was awarded the Banking Technology Award for Best Compliance Solution for its success in providing a "lower risk, lower cost and more transparent alternative to [manual procedures]."
In November 2005, URU for Know Your Employee (KYE) was launched to enable organisations to fight the threat of insider fraud. Stories of insider complicity through the misappropriation of customer or employee details are rife. At the end of 2005, the UK's tax credit system had to be shut down for a period of days when it was discovered that fraudsters had compromised the identities of 1000's of civil servants.
URU helps organisations identify employees and contractors and enables them to prove that each has been effectively screened to meet any regulatory requirements.
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