Bankers Get Cyber Attack Early Warning System
The British Bankers Association (BBA) has commissioned BAE systems intelligence to create a system that will give banks early warnings of cyber threats.
To make banks aware of potential threats as early as possible, the Financial Crime Alerts Service (FCAS) system will allow 12 government and law enforcement agencies including the National Crime Agency to inform them immediately.
Using real time intelligence from 12 partner agencies and government bodies, FCAS - which will go live in 2015 - will share this information with the relevant experts to help them tackle cybercrime, fraud, financial crime and other violations.
The project follows work between banks and the National Fraud Intelligence Bureau that has prevented more than £100m of fraud losses through information sharing.
FCAS will also include warnings about terrorist financing, money laundering, bribery corruption and other threats.
CEO of the British Bankers Association, Anthony Browne, said the alerts system is a powerful weapon against fraudsters.
He commented: "Receiving real-time alerts from domestic and international bodies will be vital intelligence for the army of staff banks have already hired to combat these threats.
"It's an example of how banks and government can work together to benefit all customers."
According to the Bank of England, a quarter of UK banks see operational risk as one of the main threats to UK financial stability.
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