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BCA Member Contego Tightens the Net on Business Fraud

BCA Member Contego Tightens the Net on Business Fraud

BCA-Contego-2Get used to this name: Contego. If you're not yet acquainted, you're about to hear a lot more about this innovative brand.

And that's not just because they'll be exhibiting at this year's BCA Conference.

BCA Member, Contego Fraud Solutions, helps businesses protect themselves from the devastating effects of fraudulent activity. The company operates across a variety of sectors, flexible workspace among them, and is already a trusted supplier of numerous high-profile brands across the UK - including Regus.

"Game-changing"

Of course, every reputable business wants protection from fraud. But Contego's approach isn't just intuitive, it's positively disruptive.

The firm has recently been named as one of Britain’s most exciting and disruptive new businesses. In collaboration with Real Business, the Everline Future 50 identifies the best new "game-changing" companies in the UK which are triggering change in their markets.

On top of that, Contego is on the expansion trail having recently moved to a larger workspace to accommodate its growing team.

It's good news for Contego, and good news for flexible workspace operators too. Why? Because the threat of fraud is relentless and sadly, the flexible workspace sector is not immune to this threat. Contego can help to eradicate that threat.

Ongoing challenge

Given the increasing awareness and popularity of business centres and virtual office services, the market is growing - and with it, the number of cases of suspected fraud involving our market is also rising. Specifically, the main threat comes from individuals who wish to use a short-term office or mailing address facility as part of a scam, or to hide their real contact details from the authorities.

Happily, it is now much more difficult for suspected criminals to 'slip through the net', as workspace operators are required by law to collect, and keep, extensive information about each new client. They are also required to continually update these records, and to inform the authorities of any suspicious activities.

These practices help to protect business centres from fraud. But of course it is a time-consuming process and there is still room for error.

Additional layer of security

Contego's software solutions add another layer of security to help workspace operators identify potential fraud. The BCA works closely with Contego, along with law enforcement agencies and regulators, to improve workspace processes and to ensure that operators comply with the Money Laundering Regulations and the London Local Authorities Act.

Contego's web-based application vetting system provides real-time due diligence and risk analysis, featuring:

- Due diligence checks on companies, people, and ID documents
- Reduced risk of compliance failures, fraud, and reputation damage
- Improved speed and effectiveness of customer onboarding processes
- Secure storage of checks and ID documents to support audits and investigations
- Screening for high-risk companies, developed with input from Trading Standards
- Checks for high-risk forwarding addresses and screenings against BCA alerts

The BCA works hard to highlight the latest threats and dangers to workspace operators. Utilising the services of a company like Contego adds enhanced protection that can help to keep your business centre safe, and your reputation watertight.

Surely it's better to be safe than sorry?

Look out for Contego at this year's BCA Conference & Exhibition on Thursday 22nd May, or find out more


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