May 11, 2021

Luci - Fraud Management

Over the past 6 months AFEP, have been building a Fraud Monitoring System that will be free for firms to access as part of AFEP membership.   I am delighted to announce that as a result of the hard work between the AFEP Exec, led by Mike Southgate and our highly competent tech team at Bridgetech we are in the testing phase of this system, which we’re calling ‘Luci’.

We continue to see cases of multiple firms being targeted by the same criminals and to help combat this, Luci will offer a fully encrypted and secure method for the sharing and comparing of confidential information to help member firms check the legitimacy of new account openings during their regular KYC and onboarding checks. By flagging discrepancies in information or instances where fraudulent accounts are being opened in a large number of locations, the tool will help firms identify potentially fraudulent accounts.

The Luci system would not have been built without the extensive knowledge and time commitment from Mike Southgate, and AFEP are grateful to Mike for the significant contribution he’s played in tackling financial crime within our sector.

Over the next few weeks you’ll receive more information including legal and technical specifications about the system as well as an invite to a launch session to ensure your firm gets signed up to Luci efficiently and securely.