FinCrime.com is an Internet database and clearing house that facilitates the immediate sharing of information about fraudulent activity between financial institutions and law enforcement.
Each year, financial institutions lose millions of dollars due to check fraud, counterfeit checks, identity theft, robberies and various other types of financial crimes. The crimes are difficult to track and usually are spread among several financial institutions. Immediate notification of these crimes will not only alert nearby financial institutions, but will help identify, cross reference and halt these rapidly growing crimes.
The charter ten state banking associations that developed and operate FinCrime include Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. Since the initial launch, Montana, New Jersey, and Georgia have joined, and other states are considering joining the FinCrime network.
FinCrime.com participants submit fraud data into a central web site database, managed by the Iowa Bankers Association, which immediately notifies the participating users via email of incidents that match their interest profile, geographically and/or by type of fraud. This early awareness allows bankers to take action to prevent fraud losses in their banks. Also, the shared database provides opportunities to build fewer but larger "multi-bank" cases out of smaller individual losses, helping financial institutions and law enforcement focus on organized crime and repeat offenders.
FinCrime can be used by any approved law enforcement agency or financial institution. All users must be authenticated and approved by the network administrator or one of the sponsoring associations.
At this time MBA members are not charged for participating in FinCrime. MBA Bankers Service Corporation is absorbing any expenses associated with FinCrime. The Missouri State Highway Patrol and Missouri Police Chiefs Association are sponsoring organizations for their law enforcement agencies and personnel around the state. Several Missouri credit unions are paying to participate in the system.
Click here for a brochure.