Co-op tackles fraud and identity theft

CFS' new system will aim to tackle online fraud

Co-operative Financial Services (CFS) will implement a new system to minimise the threat of fraud and identity theft.

The software is already being rolled out at The Co-operative Bank and online bank Smile to meet the demands introduced by the same-day payment service Faster Payments. CFS’s insurance and investment divisions will also use the system.

"Risk management has always been a priority for us," said Tony Britten, director of financial crime management at CFS.

"With the wider use of more sophisticated forms of fraud, we are committed to maximising customer security. To protect all our customers, we use a range of strict security measures,” he said.

Britten added that the new system will enable enterprise-wide, real-time crime prevention across all its channels and business units, therefore reducing risk of fraud.

Norkom Technologies is supplying the system.