# FINANCE BROKERS BANK ON RED FLAG ALERT TO HELP BEAT FRAUD Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-08-03 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: NACFB partners with Red Flag Alert to fight fraud Meta Description: Join the NACFB and gain exclusive access to Red Flag Alert's AML and credit check tools to protect against fraud and enhance customer experience. URL: https://financedigest.com/finance-brokers-bank-on-red-flag-alert-to-help-beat-fraudhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/graphicstock-business-men-work-with-calculator-and-laptop-on-the-white-table-at-office-sbi-301990149-1736838079426-compressed.jpg) The National Association of Commercial Finance Brokers (NACFB) has partnered with disruptive data analysts [Red Flag Alert](https://www.redflagalert.com/) in a bid to help protect brokers and lenders against billions of pounds in fraud. The Association of more than 2,200 brokers and lenders has agreed a three-year exclusive partnership with the financial insights and business intelligence firm to provide members with access to quick and accurate Anti-Money Laundering (AML) and company credit checks that save time, money, and reputations. NACFB managing director, Norman Chambers, explains: “Criminals are exploiting the pandemic to illegally access cash. According to some estimates, last year alone, around £26 billion was lost to Bounce Back Loan Scheme fraud and defaults. Brokers and lenders need protecting against these financial losses, whilst still being able to meet borrowers’ [demands for quick](https://www.financedigest.com/eu-demands-quick-fix-from-u-s-of-green-subsidy-law.html "EU demands quick fix from U.S. of green subsidy law"), seamless services. “The rich [data](https://www.financedigest.com/theres-nothing-artificial-about-the-role-of-ai-and-data-in-the-finance-industry.html "There’s nothing artificial about the role of AI and data in the finance industry ") and easy-to-use platform provided by Red Flag Alert will help empower our Members to beat fraudulent applications and effectively satisfy genuine requests for finance.” Red Flag Alert has been collecting data about the [financial performance of every UK business since](https://www.financedigest.com/biggest-uk-house-price-fall-recorded-since-financial-crisis.html "Biggest UK house price fall recorded since financial crisis") 2004\. Its unique [service enables users to check the financial](https://www.financedigest.com/the-future-of-financial-services-tech-evolution-not-revolution.html "The future of financial services: Tech evolution not revolution ") health and credit ratings of companies quickly and comprehensively. The agreement with the NACFB [sees the organisation funding](https://www.financedigest.com/global-equity-funds-see-biggest-weekly-outflow-in-five-weeks.html "Global equity funds see biggest weekly outflow in five weeks") access for its members to Red Flag Alert’s AML, compliance, and risk management tools. This includes company monitoring and director due diligence checks, as well as being able to [run 6,000 free AML searches](https://www.financedigest.com/lord-alan-sugar-named-uks-most-searched-for-director-for-second-year-running.html "Lord Alan Sugar named UK’s ‘Most searched for’ Director for second year running") and reports, with subsequent searches heavily discounted. Managing Director of Red Flag Alert, Richard West, comments: “COVID has accelerated [digital transformation](https://www.financedigest.com/how-digital-is-transforming-finance-in-2023.html "How Digital Is Transforming Finance in 2023") within borrowing and lending, and transactions will become increasingly faceless. It’s critical that [brokers and lenders can quickly and comprehensively complete Know Your Customer and Business](https://www.financedigest.com/reasons-why-you-should-hire-a-business-broker-to-sell-your-business.html "Reasons Why You Should Hire a Business Broker to Sell Your Business") checks to mitigate risk and enhance customer experience. Our partnership with the NACFB is very much geared towards this. “It’s incredible to be [partnering with such a leading organisation and we’re looking forward to developing](https://www.financedigest.com/reckon-software-goes-from-strength-to-strength-with-appointment-of-new-partner-development-manager.html "Reckon Software goes from strength to strength with appointment of new Partner Development Manager") the benefits we can offer members. Looking beyond [risk management](https://www.financedigest.com/aon-launches-new-catastrophe-model-to-manage-the-risk-of-icelands-most-disastrous-peril-earthquake.html "Aon launches new catastrophe model to manage the risk of Iceland’s most disastrous peril: Earthquake"), data and insight has the potential to help brokers optimise sales and marketing through better verifying prospects. This is a forward-thinking, disruptive approach that’s already being embraced by the NACFB.” Via the easy-to-use Red Flag Alert platform, NACFB Members will also be able to exclusively access insolvency and bad debt data, Companies House [records and commercial credit reports](https://www.financedigest.com/uk-retailers-report-record-food-inflation-but-see-falls-ahead.html "UK retailers report record food inflation but see falls ahead") on all companies. Norman Baker concludes: “Financial [crime](https://www.financedigest.com/financial-crime-is-the-chink-in-the-banks-armour.html "Financial crime is the chink in the banks’ armour") and fraud is a relentless virus that’s becoming more and more sophisticated. We [need disruptive tech and data](https://www.financedigest.com/why-finance-teams-need-to-go-beyond-numbers-to-an-active-relationship-with-data.html "Why finance teams need to go beyond numbers to an active relationship with data "), which has the power to tackle this, without making borrowing and lending cumbersome and time-consuming for all parties. “We’d heard many positive things about Red Flag Alert’s [services and how these were being successfully](https://www.financedigest.com/how-financial-services-companies-can-successfully-utilise-low-code-and-no-code-technologies.html "How financial services companies can successfully utilise low-code and no-code technologies") used by brokers and the finance community to enhance AML practices and compliance. It was natural choice for us to invest in bringing their [services](https://www.financedigest.com/id-fraud-is-on-the-rise-can-financial-services-do-more-to-protect-their-customers.html "ID fraud is on the rise: can financial services do more to protect their customers?") to our members and embrace these in the fight against fraud.” To find out more about how Red Flag Alert’s data and insight can enhance risk management and sales and marketing, visit [www.redflagalert.com](http://www.redflagalert.com/) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---