CIFAS, the UK’s fraud prevention service, has identified Impersonation of the Deceased (IOD) fraud as one of Britain’s fastest growing identity theft crimes, and with an estimated £200 million being paid to deceased UK pensioners annually, tackling this threat should be an integral part of scheme management.
The most effective way to protect your pension fund from deceased fraud is to confirm that members are still alive. With expensive, inefficient and potentially invasive traditional existence checks no longer a prudent option, trustees and administrators can now turn to technology for the answer, in the form of Electronic Certificates of Existence.
Electronic Certificate of Existence
Electronic Certificate of Existence checks are a pro-active alternative to traditional Certificate of Existence exercises. By combining public mortality records with sophisticated and intuitive matching technologies, our proprietary Certificate of Existence system provides a reliable means of confirming member existence.
Whereas previously the onus of contact was placed on the member, our Certificate of Existence exercise gives you control of the existence checking process. Deceased policyholders are identified and living members verified without you having to initiate any contact; providing a completely unobtrusive process.
Certificate of Existence Solutions
At Tracesmart Corporate we have the most comprehensive electronic Certificate of Existence solution in the UK. Our proprietary mortality screening service, Deathscreen, combines official GRO Death Index data with the Halo file from Millennium, also known as Mortascreen. This amalgamation provides a dual-tiered screening process, whereby checks for mortalities are conducted by name and date of birth as well as name and last known address, significantly increasing the chances of a match.
Find out more about how our electronic Certificate of Existence solution will enhance your current existence checking process, contact Tracesmart Corporate.
