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Govt reviews financial fraud database

The Government is carrying out a review of a planned financial fraud database after the project fell behind schedule.

The counter-fraud checking service is intended to pool data from HM Revenue & Customs, the Department for Work and Pensions, banks and insurers. If successful, it would allow private sector firms to use the database for automated fraud checks at the product application stage. Firms such as mortgage lenders could use it to detect fraudulent loan applications.

The Government is carrying out a cost benefit analysis to establish a business case for the database.

The National Fraud Authority had been tasked with carrying this out but control of the project was handed to the Cabinet Office after the NFA continued to “miss milestones”.

The first stage of cost analysis was due in mid-2013 but is not set for delivery until November. The full analysis is due for completion in 2015.

The Cabinet Office says it is carrying out a full review, which will make “recommendations for the scope, shape, approach, timescales, governance, cost and resourcing profiles of the project, including indicative risks and issues”.


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