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From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
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:
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.”
For more information please contact the BBA press office on 0207 216 8989.