Banks launch fresh drive against cyber crime

The banking industry is teaming up with more than a dozen government and law enforcement agencies to establish a new platform that will warn institutions of the latest threats from financial criminals.

The Financial Crime Alerts Service is designed to allow banks and other financial groups to react faster to major incidents and to learn of the latest techniques being used by fraudsters, cyber criminals and terrorists. Banks have pushed cyber security up their list of priorities as they encourage customers to do more of their banking via smartphone applications while criminals become more sophisticated in the ways they operate.

Concern about a possible state-sponsored attack on financial systems has been heightened after this summer’s infiltration and theft of data from computer systems at JPMorgan Chase, the biggest US bank by assets, which according to some reports had its origins in Russia.

The British Bankers’ Association said it was working with its preferred technology partner, BAE Systems Applied Intelligence, to launch the new service early next year and would aim to sign up as many of its members as possible.

Copyright: The Financial Times Limited 2014.

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