Norkom Technologies has outlined a battle plan for the fight against financial crime in an Independent Television News (ITN) film commissioned by the British Bankers’ Association (BBA).
In the film, Norkom CEO Paul Kerley and Managing Director of Global Solutions David Dixon, former head of fraud containment strategies at the Bank of Montreal, outline the growing threat posed by international financial crime syndicates and the role of technology in preventing its spread. Examples cited by ITN include:
15 million Americans were victims of ID theft from 2005 to 2006
UK plastic payment losses increased 25%, to over 535 million, between 2006 and 2007
UK phishing attacks grew 200% in first quarter of 2008
“Financial crime is a serious threat, not only to the banks’ bottom lines, but also to consumer confidence in the entire banking system,” says Kerley. “We have evidence that financial crime losses can be reduced by 70% with diligent fraud and AML prevention procedures, underpinned by globally applied technology.”
The one-hour film, hosted by ITN’s veteran news presenter Martyn Lewis, examines crime prevention and several other key issues in the financial services sector. It was previewed to a select group of members at the BBA’s annual conference in London and will shortly be distributed to the group’s entire membership.