Speaking at the National Association of Commercial Finance Brokers’ Commercial Finance Expo this week, head of asset finance at the FLA, Julian Rose, said the asset finance industry and brokers in particular must show they are fighting fraud actively.
He encouraged the commercial brokers in the conference audience to share information on fraud with other institutions by alerting the FLA about any dodgy activity they come across.
The FLA and the Asset Based Finance Association have been working with credit referencing agency Dun & Bradstreet to form a closed user group that allows members to securely share information on suspected fraudulent applications.
NACFB members will now be able to post information on the system through the NACFB.
Rose said: “It’s important to show the funders that brokers are participating in the fight against fraud. We must work together if we are going to overcome these challenges in the asset finance industry.
“Often brokers will spot a fraudulent application because they meet the customer and never send it through to a funder. We want to ensure that intelligence isn’t lost from the system.”
