The British Bankers Association (BBA) is to build a new alert system that will see 12 government and law enforcement agencies warn banks of the latest cyber threats to financial crime, in a bid to safeguard the accounts of millions of customers.
The Financial Crime Alerts Service (FCAS) will be launched by the BBA early next year,
Cyber crime costs UK economy £6.8 billion
as part of a fresh approach to combat a wide range of financial crime threats.
Developed with technology partner BAE Systems Applied Intelligence, FCAS is designed to allow the banking sector to react more swiftly to major incidents and allow financial crime professionals within the industry to spot emerging problems and criminal trends.
The system will work by 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 teams that banks have in place to tackle fraud, financial crime and other violations.
FCAS will issues warnings on cyber and e-crime, fraud, money laundering, terrorist financing and bribery and corruption.
“This alerts system is a powerful new weapon against fraudsters, cyber criminals and other crooks intent on stealing our customers’ money,” explains Anthony Browne, chief executive of the BBA.
“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.”
Donald Toon, director of the economic crime command at the National Crime Agency, added: “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.”
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