Agreements with BT
GB Group PLC
19 November 2003
Embargoed for 07.00 19 November 2003
GB GROUP PLC ('GB')
GB AND BT SIGN STRATEGIC THREE YEAR DEALS TO LAUNCH URU SERVICE AIMED AT FRAUD
AND MONEY LAUNDERING
GB and British Telecommunications plc ('BT') today announce that they have
entered into three related Strategic Agreements, each of three years duration,
aimed at developing a strong position in the rapidly growing identity fraud,
credit fraud and anti-money laundering markets.
Identity theft and related fraud is estimated to cost the UK around £1.3 billion
per year and the market for products and services to prevent and detect such
fraud is estimated to be worth in the hundreds of millions.
Under the Agreements, BT and GB will launch and market an online service called
URU(TM) (You Are You) which checks details provided by individuals against
reference datasets such as registers of deceased persons, postcode and telephone
number information and other credit related information. The service is capable
of providing assurance as to the identity of an individual within seconds.
The service will offer an alternative to existing methods of identity
verification such as the manual checking of documents. It is also expected to
open up new markets in situations where it is not possible for documents to be
checked such as non face-to-face transactions. The service will be priced per
transaction and BT and GB expect the service to be cheaper and more efficient
than current manual methods of identity checking.
Commenting on the agreements, Richard Law, CEO of GB Group said: 'GB has been
working with BT on plans to establish a position in the anti-fraud market for
around a year and the work to develop and launch the first offering, URU(TM), is
now largely complete. I am, therefore, extremely pleased to be able to announce
that the commercial structure of our relationship with BT, represented by these
contracts, has now been finalised.
'URU(TM) is an elegant solution to an endemic problem and ourselves and BT have
high expectations for its success, both commercially and in its effectiveness in
tackling crime. GB as the underlying technology provider gets a 'per click' fee
from all transactions processed, irrespective of who sells the service to the
end user, so the deal is potentially lucrative for the company provided high
usage levels can be achieved. This is still a new market but all indications are
that it is developing quickly.
'This is a perfect example of how collaborative relationships between two
businesses should work and we are excited not only about the prospects for
URU(TM) but also about the next generation of derivative products that are
planned under GB and BT's Strategic Collaboration Agreement.
'This deal demonstrates GB Group's commitment and ability to develop innovative
solutions that have significant benefits to the business community and beyond.
It also shows that we have the quality people, products and services with which
to successfully enter into such high profile collaborations.'
Peter Gandy, Head of Web Services at BT, commented: 'The increase in online
fraud and money-laundering demonstrates that existing preventative systems just
aren't working well enough. We're seeing significant interest in URU(TM) from
the business customers we are speaking to who are very aware of the rapid
acceleration in this type of criminal activity. By using Web Services to
simplify the integration process, users of URU(TM) will be able to type in
details volunteered by an individual, have them cross referenced, checked and
results presented back in seconds. We see this as a very powerful tool in the
fight against digital crime.'
- Ends -
For further information on GB Group, please contact:
GB Group plc
Richard Law, Chief Executive 01244 657333
Mona Navin-Mealey, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Richard Hews
Rachel Taylor
Website www.gb.co.uk
For further information on BT Global Services please contact:
Sophie Coronini on 020 7665 4316 or email sophie.coronini@catalysis.co.uk
Notes to Editors
About GB Group plc
•GB Group plc provides a range of products and services to enable
organisations to capitalise on one of their greatest assets - data. The
company has expertise across a range of sectors and is able to transform
customer data into valuable information, enabling clients to make better,
more informed decisions.
•Developing innovative software and services, through to the provision of
the UK's most comprehensive consumer business database - The National
Register(R) - positions GB Group at the forefront of this specialist area.
•GB's Data Authentication business helps organisations validate personal
identity information and provides anti-fraud solutions to fight crime.
•GB Group's clients in the area of Authentication include HM Customs &
Excise, National Criminal Intelligence Services, National Crime Squad, plus
a number of high profile Government departments.
•Previous press releases relating to GB's Identity Fraud solutions are
available at (www.gb.co.uk).
About BT Global Services
BT Global Services is BT's business services and solutions division, serving
customers worldwide. As an information and communications technology service
provider, BT provides integrated data and value-added services to meet the needs
of multi-site organisations with European operations.
Extensive global service capabilities and strong strategic partnerships also
enable BT to serve customers in all key commercial centres of Europe, North
America and Asia.
The BT Global Services portfolio ranges from desktop and network equipment and
software, transport and connectivity, IP-based e-business solutions, managed
network services and systems integration to consultancy for complex global
requirements.
With 18 years of experience in global account management, BT has more than 8,000
people based outside the UK, serving our target customers around the world.
For more information go to www.btglobalservices.com
About Identity Theft and Fraud
•From a customer perspective it is estimated that it takes over 400 hours
for someone who has become a victim of identity fraud or theft to clear
their name. Source: CIFAS
•The cost to a busy person of proving their innocence and cleaning up
their credit files is estimated to be between £5,000 & £8,000. Source: The
Times newspaper, 25th October 2003.
•Identity Fraud is the fastest growing crime in America; 9.9 million
victims were reported last year. Source: US Federal Trade Commission survey
produced in September 2003.
•Identity Fraud UK around £1.3 billion per year and the market for
services to prevent and detect such fraud is estimated to be worth in the
hundreds of millions. Source: Identity Fraud Study, Cabinet Office, June
2002.
This information is provided by RNS
The company news service from the London Stock Exchange