LBB – Contego Fraud Solutions fighting fraud

Contego Fraud Solutions (“Contego”) aims to provide businesses, financial institutions and government departments with straightforward access to data, enabling them to stop the economic fraud which is costing the UK £45-50bn p.a.

Adrian Black, CEO of Contego, first developed a system with the Metropolitan Police to counter classified advertising fraud in 2013. Contego now has contracts with Regus, Westfield Shopping Centre, Reed Employment, a major outsourcer and several Financial Services companies to deal with a significantly broader range of fraud threats.

At the heart of Contego’s system is an information exchange platform connected to a range of data sources such as government agencies, commercial suppliers (such as Experian), telcos and social networks. Clients set up a rules based scoring system to identify potential threats, obtaining results quickly to drive further investigation or appropriate action. This Little British Battler certainly “Joins the Dots” by connecting many disparate pieces of information to build an accurate picture of an individual or a business, vitally important when companies make hiring or lending decisions.

Contego sets out to provide a market-leading service by broadening the range of data sources accessed, partnering with IBM to enable better visualisation of the results improving ease of use for its growing list of customers. Fraud is a global problem and Contego is extending its geographical reach and widening its use cases to include additional checking for Government benefits, Anti-Money Laundering and KYC, etc.

The experienced and expanding management team are looking to integrate the Contego SaaS model into client systems to become an influential and long-term component of their work flow. This should drive good revenue growth and a move to profit as the volume of searches and data accesses increases to combat the inexorable and pernicious threat of fraud.

Posted by Peter Roe at '09:46' - Tagged: saas   security   compliance   fraud