UK banks hook themselves up to real-time cop data feed

UK banks will receive real-time warnings about threats to their customers' accounts as well as the overall integrity of their banking systems from a new financial crime alert system.

Financial Crime Alerts Service (FCAS), which is being rolled out by banking industry association BBA, is designed to allow financial crime professionals to spot emerging problems and criminal trends based on data from 12 government and law enforcement agencies - including the UK's National Crime Agency (NCA).

The system, put together by BAE Systems Applied Intelligence, is designed to provide an early alerts about a variety of threats.

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, cybercrime and fraud. Subscribers will also get "emergent, thematic and strategic reports" through the same online information hub.

"Using real-time intelligence pooled from 12 partner agencies and government bodies, the new portal will share this information with the expert banking officials in place to tackle fraud, financial crime and other violations," according to a statement by the BBA.

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," he added.

Scott McVicar, managing director cyber security at BAE Systems Applied Intelligence, added: "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.”

The project builds on the successful info-sharing partnership between banks and the National Fraud Intelligence Bureau, which is credited with saving more than £100m from fraudsters. ®