The UK’s first 100% mobile current account provider Monese have officially become a member of CIFAS – the UK’S largest cross-sector fraud sharing organisation. By doing so, Monese will join forces with the biggest banking services in the UK to aid in the fight against fraud.
Alongside this partnership, Monese are building an in-house team of data scientists to develop sophisticated machine learning that can will catch financial crime absent of human intervention.
A partnership with CIFAS is a key step towards Monese achieving their long-term goal of preventing financial crime, as it allows them to become a lead contributor in the battle. This has been an ambition for Monese since their launch in 2015.
Banks of all ages and sizes are facing increased levels of cyber fraud, and so are showing a united front to counteract fraudulent activity for the good of all UK residents. Challenger mobile first brands like Monese are building their own fraud detection capabilities in-house and are deploying rapidly. This will not only help to catch criminals in the act but will also act as a deterrent for those would-be-fraudsters who are considering trying to profit at the expense of customers.
As well as their new partnership, development for a new, anti-fraud tool is underway in-house at Monese. A team of data scientists has been assembled to stay one step ahead of cyber-criminals, ensuring Monese users are given every possible protection. Using advanced machine learning technology, they are able to program machines to continuously learn fraudulent behaviour and detect it at the earliest possible step. They are able to develop new models quickly, allowing Monese to adapt with haste and ensure they have the best chance of cancelling out any fraudulent attempts. The aim is to be able to detect criminals automatically, without the need for human monitoring or intervention.
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Norris Koppel is the Founder and CEO of Monese, he says:
“Protecting our users and ensuring we take every step possible to end financial crime has been of the upmost importance to use since we began, and we’re extremely pleased to announce our partnership with CIFAS. To be able to contact fellow banking services and share thoughts and insight into fighting cyber-crime is an important part of the process. We are equally excited with the growth of our in-house anti-fraud team who are already doing a great job. We plan to invest a lot of time and energy in developing this further.”
According to recent research by Monese, over a third (37%) of those aged 24-35 in the UK would like to work in the Cyber Security industry – demonstrating the importance and relevance of online security.
Monese officially became a member of CIFAS on Thursday 7th June 2018. With Monese, users are able to open a full UK current account and Euro IBAN account in under two minutes, with one form of ID and a video selfie, without the need for a credit score check.