Membership to Cifas’ National Fraud Database, which claims to be the largest in the UK, will help business lender Compass to negate the growing threat of fraud and financial crime, according to Mark Nelson, Compass’ director.

He said: “Fraud is becoming increasingly prevalent, and we believe, as does Cifas, that effective communication and collaboration is the way to push back against the perpetrators of this type of crime.

“Our customers will be checked against the NFD, however, this is an entirely internal process and will not impact the ease or speed of delivery that we are known for providing. Having open and honest relationships with our customers is vital to us, and we’re confident that joining Cifas will help give further protection to everyone.”

Asset finance fraud came under public scrutiny at the end of 2021, when Arena Television collapsed into administration, leaving behind debts of nearly £300m. These debts, secured against broadcasting equipment that did not exist, amounted to one of the largest cases of alleged fraud in UK history, according to the Sunday Times.

Nelson explained to Printweek that while Compass had not been among those affected, the case had put lenders across the economy on the alert.

“While Cifas has been around for a long time, it has become a greater necessity in the market,” he said.

While the print and packaging market does not see high levels of fraud, Nelson added, membership to the database will give the lender a greater ability to avoid potential fraud cases.

“Let’s be honest, sometimes fraud is purposeful, and sometimes fraud is accidental. But it is the biggest risk to the economy and to any market, especially in what we do in asset finance.

“So having that ability to manage that risk in a slightly better way, is only going to be positive.”