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Business law case_study


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Business law case_study

  1. 1. Contract law has been more formally defined as a promise or set ofpromises which the law will enforce. Another definition and a somewhatcompeting view, is that a contract is an agreement giving rise toobligations which are enforced or recognized by law. Either definitionconfirms the involvement of the law by way of enforcement, suggestingthat should there be an infraction or breach of the terms of the agreementthen the aggrieved party may seek recourse via the Courts. As is notedabove, a contract can arise is a plethora of scenarios; from buying a loafof bread in the corner shop, to the sale of a house. It is unsurprisingtherefore that certainty is needed before the Courts will intervene toenforce any agreement. The law of contract has confirmed the basicfoundations of any contract, regardless of its complexity and substancethat it must contain to make the agreement enforceable in law.The term fraud is generally defined in the law as an intentionalmisrepresentation of material existing fact made by one person to anotherwith knowledge of its falsity and for the purpose of inducing the otherperson to act, and upon which the other person relies with resulting injuryor damage. [Fraud may also include an omission or intentional failure tostate material facts, knowledge of which would be necessary to makeother statements not misleading.
  2. 2. Business law case study This case was related to fraud investigationOur client is a not-for-profit organization concerned with the prevention of fraudand funded entirely by subscription. Their objective is to exchange information onfraud on a non-competitive basis. Members are drawn primarily from the UKfinancial services industry, but also from telecommunications, insurance andother sectors.The system used by our client, had remained basically the same for 15 years butthe organization had grown in size with millions of fraud matches a yearcompared to a few thousand in the early years The Challenge The environment had also changed with new delivery channels distancingcustomers from their financial service providers and making fraud more possible.At the same time there were competitive pressures from members to offerservices to their customers 24 hour Our Solutions a day, 7 days a week and forincreased speed of approval. Our SolutionLogica was commissioned to deliver a new system to allow members to file fraudwarnings over the Internet and for participating agencies to receive data from thecentral system rather than indirectly from each other.Where fraud has been committed, the members can record warnings against thedetails on the database. Participating agencies receive the warnings and cannotify their clients. Besides holding all information on each fraud, the fraudinvestigation system identifies links with other fraud cases such as sharedaddresses, common aliases and potential fraud rings. It also highlights the levelof enquiry from other members on a case or addressThe ResultInformation on all fraud cases is available 365 days a year and details are notheld back by a member’s unavailability. The system supports rapid decisions onwhether a match is relevant and enables members to manage resources moreeffectively. Where quick decisions need to be made, they can be. Where moretime needs to be taken, the available data is grouped together for efficient reviewby fraud specialists
  3. 3. Banker Technology AwardsThe Fraud Investigation system developed by Logica for our client was highlycommended in The Banker Technology Awards, Fraud Prevention Solutioncategory. The award reflected the great strides that the fraud investigationsystem and our client’s initiative had taken in helping prevent fraud in the UK .