A pioneering financial crime alert system that will warn banks of the latest threats to their security is being launched next year.
The Financial Crime Alerts Service (FCAS), which is being developed by the British Bankers’ Association (BBA) in conjunction with its technology partner BAE Systems, is intended to combat a wide range of financial threats.
Once the system is live, 12 government and law enforcement agencies will be able to issue warnings to banks, which will help them to safeguard the accounts of customers.
The warnings will cover terrorist financing, money laundering, bribery and corruption, cyber and e-crime, and fraud.
Commenting on the crime alerts service, Anthony Browne, chief executive of the BBA, said: “This alerts system is a powerful new weapon against fraudsters, cybercriminals and other crooks intent on stealing our customers’ money.
“Receiving real-time alerts from such domestic and international bodies, including the National Crime Agency and 11 other government and law enforcement agencies, will be vital intelligence for the army of staff banks have already hired to combat these threats.”
The launch of the financial alerts system builds on the successful arrangement between banks and the National Fraud Intelligence Bureau, which has already prevented more than £100m of fraud losses through information sharing.
ENDS
Sally Percy is editor of The Treasurer