New alert system to help banks tackle online criminals.
The Financial Crime Alerts Service (FCAS) is a new alert system designed to help banks prevent cyber crime and protect millions of accounts.
According to the British Bankers’ Association (BBA), which has created the FCAS alongside tech firm BAE Systems Applied Intelligence, the new system means banks will be able to react quicker to major incidents and spot threats and potential problems much faster.
How it will work
The FCAS is essentially a data portal, collecting real-time intelligence and information from 12 partner agencies and Government bodies, including the National Crime Agency.
It will include warnings on:
- terrorist financing;
- money laundering;
- bribery and corruption;
- cyber and e-crime;
- fraud;
- emergent, thematic and strategic reports.
Banks already work with the National Fraud Intelligence Bureau, an information-sharing relationship which the BBA says has already prevented over £100 million of fraud losses.
The FCAS is due to go live early next year.
Fighting cyber crime
Earlier this year the Bank of England confirmed the launch of CBEST, a security testing framework to help banks beef up their cyber crime defences. The Cabinet Office suggests that as much as £700 million is spent annually by the nation’s banks tackling the threat.
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