CGI (NYSE: GIB) (TSX: GIB.A) today announces the extension of its contract with the UK’s leading fraud prevention service Cifas, to manage its Fraud Investigation Database (FIND) until 2027. FIND, which was designed and built by CGI in 2002, is a central database used by all Cifas members, at all stages of the business process, to monitor and share confirmed fraud cases, helping to combat financial crimes against businesses and individuals.
As fraud has become increasingly prevalent and complex over the years, FIND has become more resilient, adapting to regulatory requirements and managing increasing volumes of data to quickly identify fraud. Business continuity is vital for the UK’s largest cross sector independent fraud prevention organisation and Cifas needed to digitally transform their business with the additional scale and resilience offered by cloud computing. As part of this new agreement, CGI, Microsoft’s 2017 Country Partner of the Year, has delivered a seamless transition to Microsoft Azure, which makes FIND more agile, and enables CGI and Cifas to innovate new future services for members in a trusted environment.
Mike Haley, Deputy Chief Executive at Cifas said: “Our 15 year partnership with CGI has successfully helped to ensure our systems are agile and resilient for the digital world providing Cifas members with the support they need to reduce fraud threats. For the fourth year running our members prevented over £1 billion of avoidable fraud losses by using our databases. We look forward to our continuing collaboration with CGI.”
Neil Sadler, Vice President of Greater London Area and Financial Services, CGI, said: “We are very proud of the longevity of our partnership with Cifas, having started working together when the initial database was first created 15 years ago. Our system has adapted to address the increasing amount of fraud and the significant upsurge in both the amount of data and end users, whilst ensuring that new technologies can be best used. We look forward to continuing our work with Cifas and helping its members manage the ever-changing fraud threats.”
Cifas is an independent, not-for-profit fraud data sharing organisation and helps private, public and voluntary businesses in the UK to protect themselves and their customers against fraud and other financial crime. It has over 400 member organisations and manages two of the largest fraud prevention databases in the UK: the National Fraud Database and the Internal Fraud Database. This contract renewal will ensure continued protection for both its members and the public.
CGI and Cifas first began working together in 2002 to develop FIND. This is the third contract extension, following previous extensions in 2007 and 2012.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 70,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annual revenue in excess of C$10 billion and an order backlog of C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com
Cifas (pronounced ci like eye, fas like mass) exists to prevent fraud and financial crime. They are 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 2016, Cifas member organisations prevented over £1 billion of fraud losses. Cifas data is included in the Office of National Statistics England and Wales Crime Statistics of police recorded crime. Every day, they send approximately 800 fraud cases to the City of London Police for potential investigation.
Cifas also offers Protective Registration for individuals whose identities are at risk of being used fraudulently, for instance after a burglary. They also run a scheme called Protecting the Vulnerable, offered free of charge to local authorities to protect those under the care of Court Deputies who are unable to access financial products and whose identities may be at risk.
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