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CIFAS members, which include all the UK's major banks, credit card companies, asset finance organisations, mobile phone companies and many insurers, will have access to the database. The new database is intended to allow members to share information on fraud securely in real-time. This was not possible under CIFAS' old paper-based system.
Peter Hurst, chief executive of CIFAS, said: "The only way we can stamp [fraud] out is to get all of the parties involved, from the police to our members and the victims, to share the information about these crimes." Once implemented CIFAS expects the new database to reduce fraud by £300m during its first year of operation.
The system is being built by computer services firm CMG and is due to go live towards the middle of next year.