The Co-operative Financial Services, a part of The Co-operative Group, has selected financial crime and compliance software services provider Norkom Technologies’s multi-channel fraud system as part of its overarching objective to enhance its financial crime management capabilities.
Norkom said that its system will be deployed across The Co-operative Financial Services’s (CFS) entire UK operations including The Co-operative Insurance, The Co-operative Investments, The Co-operative Bank and smile. It is currently being incorporated by The Co-operative Bank and smile in a faster payments environment.
With Norkom’s multi-channel fraud solution suite, financial institutions can manage and contain organized fraudulent attacks perpetrated across all business units and channels. Norkom protects against card fraud, online fraud, internal fraud, payments fraud and identity theft.
Tony Britten, director of financial crime management at CFS, said: With the wider use of more sophisticated forms of fraud, we are committed to maximizing customer security. To protect all our customers, we use a range of strict security measures. 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.
