Published : 10 years ago, on 24/09/2014

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.

The BBA, working with preferred technology partner BAE Systems Applied Intelligence, will launch the Financial Crime Alerts Service (FCAS) as part of a new approach to combat a wide range of financial crime threats. The new alert service will allow the sector to react more swiftly than ever to major incidents and allow industry financial crime professionals to spot emerging problems and threatening criminal trends.

Anthony Browne, the Chief Executive 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 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.

“This service is a shining example of how banks and government can work together to benefit all customers.”

Using real-time intelligence pooled from 12 partner agencies and government bodies – including the National Crime Agency – the new portal will share this information with the expert banking officials in place to tackle fraud, financial crime and other violations.

This work builds on the successful arrangement between banks and the National Fraud Intelligence Bureau that has prevented over £100 million of fraud losses through information-sharing.

When it goes live, 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
• Emergent, thematic and strategic reports

Donald Toon, Director of the Economic Crime Command at the National Crime Agency, said:

“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 welcome the BBA’s work in this area.”

Scott McVicar, Managing Director, Cyber Security, BAE Systems Applied Intelligence, said:

“As the world enters into a new era of digital criminality where fraud is increasingly cyber-enabled, we are delighted to have been chosen as preferred partner for the Financial Crime Alerts Service. Real-time intelligence, combined with providing the ability for the BBA to share that intelligence in a collaborative manner with all of its members, is vital if the financial services industry is to beat cyber criminals and fraudsters at their own game.