Faster Payments stimulus as Co-op deploys Norkom anti-fraud system

Co-operative Financial Services (CFS) is set to roll out real-time anti-fraud software from Dublin-based Norkom Technologies across its entire UK operations.

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Faster Payments stimulus as Co-op deploys Norkom anti-fraud system

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The group will deploy Norkom's multi-channel fraud system at its banking, insurance and investments units as well as Internet bank smile. The vendor says the system will protect against identity theft and card, online, internal and payments fraud.

The technology is currently being incorporated by the Co-operative Bank and smile in a Faster Payments environment. Faster Payments is designed to provide customers with near real-time transfer of phone, Internet and standing order payment instructions, posing security issues for banks.

"Faster Payments in the UK is going to force banks to support real-time payments, which means that they don't have time to screen for fraud. They're going to have to make decisions immediately - so the fraud detection systems that they're used to using will have to undergo dramatic upgrades," says Avivah Litan, fraud expert, Gartner.

Tony Britten, director, financial crime management, CFS, says: "Norkom's Multi-Channel Fraud solution provides CFS with enterprise-wide, real-time, multi-factorial fraud prevention across all our channels and business units, reducing our exposure to the risk of fraud."

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