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 …
"Scott McVicar, managing director cyber security at BAE Systems Applied Intelligence "...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.”
So, the financial services industry is to engage in cybercrime and fraud? That's the criminals' "own game".
Or has this just given them a legitimate cover for their usual practices?
Colin
From experience this will just inconvenience me more.
I've had my account locked three times this year for suspicious use of my CC. All legitimate purchases that some program decided had issues. Had to call the bank up (during their business hours), prove who I was, then have them free up the account block.
Meanwhile a bogus 4250 pound charge from en electronics shop three hundred miles from my house went through without issue.
Would not typically care, but one blocked purchase was to fly to my Dad's bedside. Due to the delay in getting an air ticket, he died before I could get there.
My experience was not as deeply personal or sad, but:
One Friday evening, I drove home from work and (using my debit card) decided to fill the car up (£50), then went to the supermarket and bought £10 of groceries then stopped at the tobacco kiosk on the way out and tried to spend £10: - blocked, operator told to hold onto the card and call management.
I was told I had to accompany a supervisor to a phone where I was told by a bank representative that the card had a 'suspicious pattern of purchases' and was being held as a precaution (all this with me standing about 4 yards from busy checkout queues). They asked me to confirm what I had bought - I told them it was none of their business what I'd bought. I eventually persuaded them that I was who I was and had the right to have the card and use it. I managed to avoid swearing at them. After the call, the kiosk guy told me that he'd told them what I'd bought, because he had to.
I then phoned them from home to ask for an explanation. Apparently, I didn't use the card very often so my 'unexpected' use to make three rapidly consecutive purchases was suspicious and grounds for holding and questioning me, 'for my own protection'. I also managed to dig out from them that the fact that I'd bought cigarettes was held on file as part of the record of the holding enquiry. I told them that I'd use cash from that point on and I and do now (or use my credit card).
" 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)."
If I am reading this correctly the professional financial criminals of the UK have a National Agency?
Talk about organised crime!
Or is it the banks who employ financial crime professionals who want to stay ahead of the other financial criminals?
Financial crime? Weren't the police (specifically, the SFO) investigating BAe Systems for dodgy financial dealings not that long ago? Or was it just alleged bribery?
Anyway, the taxpayers' money spent on the investigation was wasted because some ex-Westminster tosspot Tony told plod to get on their bikes. And so they did. How times change.
Any second now Raylan Givens is going to stop being a US Marshal and revert to being a badass. Then old Bruce Willis will rock up in a tatty vest, bald head, and kick a lot of ass.
Sadly, the flaw in the above script was that Woodlawn was put together by a genius, and it's highly unlikely this gubbins was.
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