InteDelta announces partnership with Financial Crime Intelligence

Financial Crime Intelligence (FCI) was established to develop a collaborative solution to fraud investigation for financial institutions whilst at the same time minimising their exposure to litigation. InteDelta is working with FCI to promote the Central Intelligence Connector (CIC) system. This platform is designed to enable both internal and institution-to-institution intelligence sharing. By using CIC criminal networks and victims can be identified quickly and efficiently by linking currently disparate cases and individuals. Those who have been affected by fraud can be better protected and provided with preventative advice based on historical fraud attempts. 

Financial crime is currently in the spotlight. For example, in the UK, the Home Office's recent publication on anti-money laundering and fraud strategy highlighted intelligence sharing between private organisations as a key tool in the fight against fraud. A change in legislation to afford better protection when sharing intelligence is being considered. Financial institutions do not feel that current legislation provides them with sufficient protection when sharing intelligence directly with each other. This is partly because the conventional way of sharing involves submitting data to a central database which is then immediately made available to all other members. The reluctance to share on this basis results in disconnected investigations and significant gaps in intelligence. FCI has designed the Central Intelligence Connector system to address these specific concerns.

CIC also features a Case Management System which contains all of the necessary case management features whilst at the same time offering enhanced entity management and case connection capabilities.CIC therefore offers significant benefits as a stand-alone internal case management system.

CIC enables institutions to conduct their fraud investigations in a leaner and more efficient way by reducing duplicated investigative effort and by facilitating a more cohesive approach to investigations. This will result in significant cost savings and reduced losses for institutions and customers whilst at the same time improving public perception. 

InteDelta is working with FCI to develop a community of financial institutions to deploy the CIC platform. This is initially expected to comprise banks and money service businesses (MSBs) but we believe the platform has the potential to combat fraud and facilitate data matching across a variety of industries. 

Please visit the FCI website at www.fciltd.co.uk for further information.

If you would like additional information on CIC, or the risk management of financial crime more generally, please contact:

InteDelta: Michael Bryant, michael.bryant@intedelta.co.uk, +44 20 7887 2204 FCI: Chris Anderson, chris.anderson@fciltd.co.uk, +44 20 7293 0867