Press
Written by Gerd De Smyter
Posted on 25/08/2020

Graydon, Cifas & TruNarrative launch solution for SMEs to tackle commercial fraud

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London, 25th August 2020 – Graydon, Europe’s leading provider of business data and insight, has announced the launch of Graydon Business Risk, a new risk management solution developed in partnership with TruNarrative, the financial crime RegTech experts and Cifas, the UK’s leading fraud prevention service. 

Joint research undertaken by the partners in late 2019 showed organisations of all shapes and sizes face a growing threat from corporate fraud and financial crime. Further research published by Graydon and Cifas in August showed that this trend has continued, with 2020 producing a record year so far. Fraudulent companies, directors and invoices can often fall through cracks in processes and/or go undetected due to human error. An underlying cause was identified as; inadequate or disparate verification and checking resources & technology.  

“When we developed the concept of Business Risk I was determined to work with partners who provided the latest technology and valuable data and insights. In TruNarrative and Cifas, we have achieved both objectives and I’m delighted that Graydon have been able to develop a unique solution to help our customers identify and prevent corporate fraud, mitigate credit risk and ensure compliance with increasing regulation. I know that organisations of all sizes across multiple sectors will benefit from the efficiencies that this solution will deliver.” Simon Blackwell, Managing Director, Graydon UK 

The Graydon-led collaboration will deliver Business Risk; a cloud-based commercial risk, fraud prevention, KYC and KYB and PePs and sanctions monitoring solution.  

Business Risk will enable organisations to implement efficient and compliant processes into their overall client onboarding and 3rd-party risk management strategies, delivering investigators trusted business information from Graydon and Fraud Risk Data from Cifas, intuitive case management and a single customer view. 

Graydon’s Fraud Intelligence Unit was recently named as winner in the Outstanding Consultants category at the 2019 Tackling Economic Crime Awards. 

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Business Risk, built on TruNarrative’s leading AI driven Risk & Financial Crime platform delivers multiple 3rd party data providers and orchestrates decisioning for eKYC, eKYB, IDV, AML and device intelligence via single API and SaaS interface. Their technology is used across Europe and the USA by lenders, banks, eCommerce and online gambling businesses. 

Organisations of all sizes across sectors such as accounting and finance, aerospace, automotive, construction, IT, legal, logistics, manufacturing, property and utilities will be able to deliver a frictionless customer experience via an intuitive interface, whilst simultaneously ensuring regulatory compliance, and the best security against corporate fraud. 

Business Risk customers will also be able to run checks against the Cifas National Fraud Database (NFD) through a special non-enterprise membership, exclusive to Business Risk customers. The Cifas feedback model requires members to submit cases of suspected fraud, receiving around 800 new fraud reports every hour. Cifas members include; tier one banks, mid-tier lenders, insurance companies, public sector organisations, local authorities and major telecoms providers. 

Graydon Business Risk will enable firms to swiftly identify; compliance, credit and fraud risk via the single SaaS portal, with comprehensive audit trail & MI capabilities and a unique ‘Financial Crime Risk Score’ derived from multiple proven data sources. 

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John Lord, CEO, TruNarrative:

“We are very happy that Graydon will utilise our AI driven platform to deliver Business Risk. Achieving visibility of the threats posed by both existing and potential customers and third parties such as suppliers, is at the core of why the partnership between Graydon, TruNarrative and Cifas exists. Business Risk will prove invaluable to organisations to assess the Tru-risk of their counterparties.” 

Lee D’Arcy, Commercial Director, Cifas:

“Our partnership with Graydon and TruNarrative for Business Risk means tackling fraud head on and extending the network into the corporate fraud arena. We are pleased to extend our membership and to continue to set the standard for sharing data and preventing fraud.” 

About Graydon UK

With more than 130 years of experience, Graydon is a leading provider of business information, analytics, insights and solutions. Graydon helps its customers to make fast, accurate decisions, enabling them to minimise risk and identify fraud as well as optimise opportunities with their commercial relationships. To do so, Graydon uses more than 130 international databases and the information of more than 90 million companies. Graydon has offices in London, Cardiff, Amsterdam and Antwerp. Since 2016, Graydon has been part of Atradius, one of the world’s largest credit insurance companies. 

About Cifas

Cifas is an independent, not-for-profit membership organisation that protects businesses and individuals through effective and secure data and intelligence sharing between the private, public and third sectors. In 2019, Cifas member organisations prevented over £1.5 billion of fraud losses.

Cifas data is included in the Office of National Statistics England and Wales Crime Statistics of police recorded crime and works alongside law enforcement agencies in tackling fraud.

About TruNarrative

TruNarrative was founded with a single mission: make safe commerce simple.

Established in 2016, TruNarrative’s intuitive no-code platform transforms fraud management, reduces risk, and streamlines KYC and AML processes. 

TruNarrative assists ambitious companies of all sizes from across the banking, lending, financial services, betting, payments, and eCommerce industries. 

TruNarrative’s partnerships with major credit reporting agencies, document, and biometric verification services, device intelligence suppliers, and dozens of other market-leading data service providers offer easily configurable integrations to business and non-technical users.

The company operates from offices in London and Leeds, UK, and Atlanta, USA. Visit www.trunarrative.com for more information.