Credit Management November 2021 2

NEWS ROUNDUP
Equifax reveals ways credit
reference agencies fight fraud
EQUIFAX, one of the nation’s leading
credit reference agencies (CRAs), is
encouraging people to discover the
power of their credit report in the fight
against financial foul play.
Know your customer (KYC) checks,
live fraud alerts, detailed reports on
financial history, password protections
and educating the most vulnerable are
the five principal weapons CRAs can
deliver to help combat fraud.
Lisa Hardstaff, Head of Customer
Experience for Equifax UK, believes
that the UK is in the middle of a fraud
‘scandemic’: “Scammers prey on change
and uncertainty, and we’ve had both of
those in abundance over the past year,”
she says.
“Together with an explosion of
technology, we’ve all now sadly borne
witness to many of the underhanded
techniques employed by scammers to
part us from our hard-earned cash.
“Fortunately, we are not powerless in
the face of this threat,” she continues.
“As consumers, there’s plenty we can do
to resist the persuasive techniques of
fraudsters, and to say ‘no’ if a call, text
or email doesn’t feel right. The business
community also has an important role
to play in fighting fraud, and protecting
consumers from exploitation, and
credit reference agencies are a
critical part of that vital security
infrastructure.”
Equifax’ advice coincides with a
report from personal data protection
business VPN Overview that suggests
that fraud related crime rates have
risen by 52 percent over the past year
and that over the past three years fraud
accounted for 69 percent of all personal
crime reported through its Crime
Survey for England and Wales.
The study found that the most
targeted age group was those from 45 to
54 years of age, with 10 percent of those
interviewed in the age group reporting
to have been victims of fraud. The
least affected group was found to be
those over the age of 75, with only five
percent of participants in the age group
reporting fraud related crimes in the
past three years.
Tarmac achieves CICMQ accreditation
TARMAC, the UK’s leading sustainable
building materials and construction
solutions business, has achieved CICMQ
accreditation, a demonstration of
excellence in credit management.
Karen Cichosz, Senior Manager –
Cash Collections at Tarmac, says the
accreditation confirms the company’s
commitment to best practice: “We are
committed to continually improving and
CICMQ acts as a benchmark to show
how far we have travelled and compare
ourselves against our peers. We strive
to be best in class and are proud to have
achieved the accreditation.
“It is an honour to be part of the CICMQ
network and to be able to share ideas
and experience with other best practice
organisations. This has helped us evolve
the way we work, from the way we engage
with our stakeholders, to the way we
develop our team.
The credit team of Tarmac consists of 32
people and the business turns over £2.7bn.
>NEWS
IN BRIEF
Edrington secures
CICMQ accreditation
EDRINGTON UK Distribution Ltd, the
sales, marketing and distribution
company owned by internationally
renowned spirits company
Edrington, has achieved CICMQ
accreditation, a demonstration of
excellence in credit management.
Anne Marie Valentini MCICM,
Credit Manager of Edrington UK,
says the accreditation has enabled
the team to demonstrate best
practice: “By allowing us to measure
ourselves against the best in the
business, our accreditation has
confirmed that we are delivering
a high standard of service both
internally and externally.
“And while we know that our
processes are up to standard, our
ethos of continuous improvement
calls for more than this. As such,
we will continue to periodically
send out our Customer Service
questionnaire to identify and target
areas in which we can improve”.
Chris Sanders FCICM, Head
of CICMQ Accreditation wrote
in his report: ‘Edrington UK has
a documented Credit Policy in
place backed by comprehensive
procedures, clear guidelines and
authority levels in line with their
credit insurance governance.
‘Interviews with members of
the team demonstrated passion
and pride for the role they play
within the business. Overall,
there is excellent interaction with
other areas of the business and
the responsibilities of the credit
management team are clearly
defined and structured.’
Edrington UK works within all
areas of the drinks industry, from
major supermarkets and online
retailers to the country’s best bars,
pubs and restaurants. Brands with
whom the business is associated
include The Macallan, The Famous
Grouse, Highland Park, Laphroaig,
House of Suntory and Courvoisier.
‘‘The accreditation
has enabled the team
to demonstrate best
practice, by allowing us
to measure ourselves
against the best in the
business.’’
Advancing the credit profession / www.cicm.com / November 2021 / PAGE 9