Hastings Direct joins National SIRA to enhance fraud prevention alongside expansion

Hastings Direct has launched a new lending proposition as it enters the personal loan market.

The organisation has joined National SIRA, the largest syndicated database of cross sector customer risk intelligence in the UK. This move will allow Hastings Direct to pre-screen its applications for signs of fraud whilst not compromising its customer onboarding journey. At a time when online fraud is on the rise, ensuring that its systems are underpinned by robust fraud defences is critically important to Hastings Direct as they enter this new market.

Adam Malcolm, Director of Lending at Hastings Direct, said: “Online application fraud is rising with 9 out of 10 fraudulent applications for financial products made online. We recognise this is a significant issue for our business and customers if the right defences aren’t applied. National SIRA gives us access to comprehensive cross-sector fraud data, which will prevent issues and reduce losses. Ultimately, this allows us to protect customers, prioritise risk and make insight-led decisions.”

Murray Raw, Head of Business Development at Synectics Solutions, commented: “Collaboration is key to improving the ability of organisations to defend against fraud. Hastings Direct is a brilliant example of a financial services company which understands the benefit of having access to fraud intelligence from nearly 200 organisations, as well as sharing its own. National SIRA is constantly updated by fraud teams from banks and insurers to retailers and motor finance, which makes it an effective, real-time line of defence.”