A pioneering financial crime alert system will see 12 Government and law enforcement agencies warn banks of the latest threats in a bid to safeguard the accounts of millions of customers.
Working with preferred technology partner BAE Systems Applied Intelligence, the British Bankers Association (BBA) will launch the Financial Crime Alerts Service as part of a new approach towards combating a wide range of financial crime threats.
The new alerts service will allow the sector to react more swiftly than ever to major incidents and permit industry financial crime professionals to spot emerging problems and threatening criminal trends.
Anthony Browne, CEO of the BBA, said: “This alerts system is a powerful new weapon against fraudsters, cyber criminals and other crooks intent on stealing our customers’ money. Receiving real-time alerts from both domestic and international bodies, including the National Crime Agency (NCA) and 11 other Government and law enforcement agencies, will provide vital intelligence for the army of staff banks have already hired to combat these threats. This service is a shining example of how banks and Government can work together to benefit all customers.”
Real-time intelligence pooled from partner agencies and Government bodies will be shared with expert banking officials in place to tackle fraud, financial crime and other violations.
This work builds on the successful arrangement already in place between banks and the National Fraud Intelligence Bureau that has prevented over £100 million of fraud losses through successful and targeted information sharing.
When the initiative goes live (which is planned for early 2015), the BBA Financial Crime Alerts Service will include warnings on terrorist financing, money laundering, bribery and corruption, cyber and e-crime, fraud and emergent, thematic and strategic reports.
Donald Toon, director of the Economic Crime Command at the NCA, commented: “Collaboration between law enforcement and the private sector is key to reducing the impact of economic crime. Alerts to industry are a key part of this, and I very much welcome the BBA’s work in this area.”